Improving Your Interest Rate for Credit Cards for Bad Credit
The most annoying thing about credit cards for bad credit is their high interest rates. However, the high interest rate is not necessarily permanent. Regardless of whether you have store cards, student cards, credit cards for bad credit, or any other kind of credit card that is saddled with an inconveniently high interest rate, there are ways to negotiate better credit card terms.
First, try phoning your credit card company and simply requesting that they lower your interest rate. A national survey found that 56 percent of the time, credit card companies offered lower rates to customers as an incentive to not switch credit card companies if the customers telephoned to say that they had gotten a better offer and were planning to leave. Customers lowered their annual interest rate by an average of five to six points, and some companies offered them perks like no interest for half a year. One customer more than halved her exorbitantly high interest rate, an important consideration if you have a credit card for bad credit. If the credit card company refused the customers requests, the customers suffered no penalties. As long as you are polite as well as persistent, asking your credit card company to drop your interest rate offers you no risk and an excellent chance for success.
If you pay an annual fee, the same method can convince your credit card issuer to waive it. If you want to change your due date or move to a better rewards program, you do not even need to threaten to leave. Just ask.
You can improve your credit card terms remarkably even if you originally got your card under terms designed for credit cards for bad credit. You may even be able to get a deal equal to those enjoyed by premium credit cards. You are most likely to get drastic improvements if you have had your card for at least two or three years (four or more years is ideal), have paid on time for the last year or two, and are using a small percentage of your available credit. Even if you have had a credit card with your issuer for under a year, though, or have made late payments or used much of your line of credit, you may be able to convince your credit card company to improve your terms. A little civil persistence can do wonders for your credit card terms. It will not hurt you to ask.
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by: barrywaters
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