Get a Rate Reduction from Your Credit Card Company

rate-reductionIf you have high interest rates on your credit cards, it is imperative that you attempt to obtain a rate reduction. High rates on credit cards have the potential to rack up an immense level of debt that spirals out of control and leaves you experiencing feelings of helplessness and hopelessness as the amount of money that you owe grows to tremendous levels. If you are ready to obtain some degree of control over your credit cards and reduce credit card bills, you must make an attempt to lower the rates. While this task may involve a bit of work, a little perseverance, and a high level of commitment, it is a task that has the potential to be very rewarding.

The Survey

When working on the process of rate reduction as it pertains to credit cards, it is often as easy as making a telephone call. A national survey was conducted by the organization known as the U.S Public Interest Research Group in which fifty consumers with a wide variety of credit-based backgrounds called the issuers of their credit cards and requested lower rates. Out of this study, more than half of the consumers were able to receive approval for a rate reduction. These individuals were able to experience a rate reduction of an average 16% to a low average of 10.47%.

Simply Ask

Most credit card companies are more than willing to oblige when a customer requests a rate reduction. One of the main reasons is that the industry is highly competitive. If you are considered to be a “good customer”, a company will want to retain you as a customer. If that means that they need to slice your interest rates a bit, they are usually more than willing to take this measure. In most instances, a credit card company will incur a charge of, at least, a couple hundred dollars or more in order to obtain a new customer. Given the financial issues facing the economy, new customers are not easy to come by for these companies. As a result, they typically do what they have to do, when they have to do it, in order to hang onto their customers. Simply make a call and ask your credit card company for a rate reduction to reduce credit card bills. Not only can the company afford to do this, but will agree instantly.


By simply making a call and requesting a rate reduction with your credit card company, you are likely to achieve success. These companies have the means to lower your rates and have a strong desire to keep you as a customer. In the instances in which your rate reduction request is denied, you may have to resort to a little coercion. In this cases, simply explain to your credit card company that you have been receiving offers from other companies that are offering you much lower rates; however, you have been with them a long time and would like to remain with them. If they continue to fail to fulfill your request, inform them that you will be taking your business elsewhere and closing your account. Right then and there, you are sure to get the rate reduction that you desire!

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