Credit is the toughest thing that can occur to an adult and can be quite expensive when put into perspectives. Is it possible to get a lower credit card interest rate? How can you qualify, and why do you qualify? There are four steps that you can take to begin your own credit interest rate relief program. Professional assistance is available, however it is much rewarding when you take the matters into your own hands and complete the program successfully.
Lower Credit Card Interest Rates step #1:
Knowing where you stand with your credit and financial institutions is very important in knowing what you are paying for your credit cards. If you are not completely sure what you are paying for monthly interest on your credit card bills, it would be a good idea to contact a representative at your financial institutions and become clear on what you are paying and why.
Another imperative thing you must have when attempting to lower your credit card interest rates is your credit score. The best website to check is annualcreditreport.com which gives you all three of your credit reports with no credit card number prompts. This is only free once a year, and is very strict on privacy, so you must answer some questions accurately to be able to access your sealed records with Equifax, TransUnion, and Experian.
Lower Credit Card Interest Rates step #2:
It is always a fantastic idea to do some online research and find out where specific credit unions stand with what they are offering newer customers along with their existing credit scores. Some companies will offer a new account holder no interest for six or so months, however it is always imperative that you read the fine print and find out the exact terms of receiving this promotion for your new account.
Cardtrak.com is a great site to find out what credit card offers are surfacing due to good deals and popularity.
Interest will get you where it hurts when you are trying to pay off a significant amount of debt. Even with a $10,000 balance, you could end up paying $85,500 with interest rates. This makes it vital to research how credit card unions can save you with lower interest rates.
Lower Credit Card Interest Rates step #3
After you look at all of your rates and your credit score, it would be a good idea to validate that credit card companies have you in the correct tier. Even though the companies have top of the line software to validate for themselves, this is by no means perfect and can have some errors when it comes to some data and how they place people. Rates are lowered or raised each day of the year, and sometimes the systems will not be able to keep up with where you are actually standing.
Lower Credit Card Interest Rates step #4
Call the credit card companies. When you do call, make sure you state why you are calling. If you find that the person you are speaking to is unwilling to help or claiming that they do not do what you are asking them to do, make sure to get their rep I.D. and their name and request a supervisor. If you are denied a supervisor, keep calling back until you get to one.
The companies think you have not done your homework, when in fact you have and you must demonstrate your knowledge to get your point across that you are not messing around when it comes to terms with your financial standing and your credit card rates. Mention what you are looking for and what you have found out with your own research and make sure the company is up to date with all of your information. Press your case. You are always able to find a way to lower your credit card interest rates, with no questions. You could open a new account and switch your balance over, you could complete some requirements to meet a new rate, and there are infinite possibilities for whatever you are looking for from your company. They are there to take the most money they can, but you must exercise your rights and show that you are ready for this call and that you know exactly what you are talking about, when it comes to your credit rates.
When looking to lower your credit card interest rates, it takes a bit of research and practice to understand exactly what you are looking at, and what rates will really benefit you. Of course we would not like to pay interest at all, ever; though this is rarely possible. Press your case to the companies and make sure whomever you speak with knows you are not messing around at all, and they need to take you and your research seriously, or you will take your business elsewhere.