Money in June: Cut the Cost of Your Credit Card
By paying interest on a credit card, you are literally paying to be in debt. This is how credit card companies make most of their money. If you are paying off your credit card debt, this month we urge you to call and ask for a better rate.
Yes, it’s a simple task to call your credit card company and negotiate a lower annual interest rate – but it’s amazing how many people don’t . A CreditCards.com poll found that only one in five people asked for a lower interest rate. Perhaps more surprisingly, 78% of people who do ask actually get what they want.
If you’ve never negotiated the best interest rate, it’s time to talk over the phone. Call your credit card issuer, tell them you are a good customer, and then ask if there is a way to lower your annual interest rate. We even gave you a script to follow , word for word.
Are you in business? If so, then the sound below is turned off. We will be back at the end of the month.