One of the best ways to reduce your interest rate is to simply ask your credit card. Don’t believe me? Yeah, I didn’t believe me either. However, you can get your interest rated reduced if you ask and have a good reason for them to do it - that’s where all those 0% balance transfer offers come into play. If you arm yourself with a couple card names, an idea of what they offer, then you might be able to get your credit card company to drop your interest rate.
A lot of folks scoff at 0% balance transfer offers because they feel that their credit history precludes them from considering the cards. While that may be true, it’s not something that your credit card company would necessarily know! Just by threatening to leave, they may drop the rate because they don’t want to risk losing you. You’re profitable! If you’re paying 19.99% APY on your debt, they’re more willing drop the interest rate if it means keeping you, than not dropping the rate and have you leave.
Also, those CSRs are good people, hardworking people, and they know that there are other hardworking people out there struggling to make ends meet. If you’re courteous, give them a good reason to help you, then they are more likely to give you a hand. Sometimes they just need to hear the magic words and they’ll do what they’ve been empowered to do - keep you as a customer. Give it a try!
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