So it’s pretty much right in the middle of the holiday season and buying Christmas presents is probably on most everyone’s mind. Along with purchasing all of those must needed gifts comes the dreaded question, “How am I going to pay for this?”
Well if you are like thousands of people around the world, you will probably be using that “magic” little plastic card. But with the recent economic recession and credit crunch affecting everyone, many people’s credit card interest rates have sky rocketed in addition to their credit limits being slashed. It is what I like to call “the double whammy”, and I know that it has happened to me. If you do not know, this can adversely affect your credit score in a major way. But I want to arm you with 3 easy steps to help you fight for a lower interest rate.
So without further delay, let’s get right to it. For starters…..
1. Call Your Company And Ask For Your Interest Rate To Be Decreased
This may seem way too simple, and the funny thing is, it really is that easy. Credit card companies want and need to keep your business, especially with these difficult economic times. You may be receiving other credit card offers in the mail with cheaper introductory rates or cheaper fixed rates all together. If you are not receiving any mail offers, visit sites like www.bankrate.com to get the national average credit card interest rates. With this information in hand, give your company a call, and simply tell them that you are thinking about switching companies. You will have actual proof to back you up, which will give you major bargaining power.
2. If You Get A “No” For An Answer, Ask To Speak To A Manager
Sometimes, you may not get the answer you are looking for from the first person you speak to. That’s ok, but don’t let this minor road block keep you from getting what you want. Ask to speak to the person’s manager or superior, and let them know about the competing offer you have come across. Often times, they have the real power to lower your rate, and you are able to hang up the phone with a huge smile on your face…and ultimately more money in your pocket.
3. If Neither Of The Above Work, Ask For The Cancellation Department
It is a very sad reality, but some companies can play hard ball. Don’t let them think that they have all the power because in reality, they don’t. You as the consumer do. So if you still don’t get the answer that you want after going through several superiors (which you should always do…..not just stopping after 1 or 2 levels), then politely but firmly ask for the cancellation department. This is the last stop for them to keep your business. If they don’t give you a lower rate at this point, then you should actually cancel the card. It is not worth paying such high rates when you can switch to another card with lower ones.
As a college grad or just hard working employee, you deserve all the money that you can get, especially around the holidays. By following these 3 easy steps, you will hopefully be able to enjoy shopping that much more.
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