Millions of people worldwide own a credit card. More often than not, credit card companies ignore interest charges when you pay your balance in full and on time. But with the present global economic condition, the majority of credit card holders can no longer keep up th habit of paying on time. Therefore, the credit card companies charge full interest on your balance from the day you have purchased the item if the whole balance is not paid. The interest rate may jump dramatically if you are always delayed in your payments. But there is a solution to your problem. You can negotiate with your bank for the best credit card rate, most especially if you want to apply for a new credit card. Here is a step-by-step guide on how to do it:
- Prepare ahead of time. When it comes to credit card negotiation, you need to prepare yourself ahead of time. Get a copy of your credit report and learn your credit score from online resources such as Equifax.
- Fix any disagreements with your credit card bank/company. If you want to resolve your interest rate problem, you need to settle any disagreements with your bank first.
- Discover what your choices are. You need to look for a credit card company that offers the lowest interest rate. Reading the company’s terms and conditions is necessary to avoid rate-jacking. If you don’t have time to do the reading, contact the credit card company and ask your questions.
- Contact the credit card company. Let them know that you are making your efforts to look for the best credit card company that can offer you the lowest rate possible. Share what you have discovered about other credit card rates, and see if your present credit card company can make a settlement plan for you. If the present credit card company agrees to make some changes for you, then stick with them.
- Time to negotiate. Ask for the lowest interest rate possible. They may give you an offer, but it may not be the best offer, so try to negotiate with them. If you do not negotiate, chances are you will end up getting a rate that you can’t afford to pay.
- Speak to the supervisor. If you cannot get what you want, then it is time to talk to the supervisor. The supervisor has the capacity to make necessary changes in your credit card account. Make sure to detail your concerns properly.
Your problem will never be resolved if you are not going to take your chances. Do your best to settle your account with your credit card provider. Ask for the lowest rate that they can provide you. They may not be willing to make a payment plan for you, but it will not cost you anything to ask them.