Want to know how to get the best credit card rates ever? No, it’s not a pie-in-the-sky promise. It’s a fact. I’m going to tell you exactly how to get those credit card rates down. It’s not about having perfect credit (although that helps) and it’s not about mind control over credit card company representatives. It’s actually much simpler than that. Intrigued? Here we go…
Say Please
Just ask your credit card company for better rates and say please. Seriously, it’s easier than you think. They won’t laugh at you. They might even drop your rate by quite a pretty percentage rate.
The credit card market is a competitive one. That means you have the power. Tell the company you got offered a better rate elsewhere and that you’re willing to stay with them if they meet or beat the rate. Chances are, if you have a good payment history with the company and you don’t already have the lowest rate possible, you’re going to get a rate decrease.
Move It or Lose It
Okay, your being charged a ridiculous interest rate, your credit is good and your credit card company won’t budge. Time to get out of dodge. Yes, your credit score is partially determined by the length of your creditor relationships. What most people don’t understand is that just because they decide to transfer their balance to a lower rate card, doesn’t mean you have to cancel your old credit card account.
To get the best credit card rates, transfer your balance to the new low-rate card but keep your other account open (but don’t you dare charge on it). This way you get a lower rate, you keep your longstanding creditor relationship and you actually improve your available credit ratio.
Let’s Hear It For the Frugal
Of course, the best way to approach credit card rates is to make them a non issue. How do you do that? By paying off your balance in full each month. Don’t charge frivolously. Only put on plastic what you can pay off at the end of the month. Emergencies happen, and when they do get them paid off as quickly as possible. Anything other than an emergency should be paid for on a cash-only basis.
And with those three tips, my friends, you can with the rate game and make sure you always have the best credit card rates possible.
