Negotiating a Lower Credit Card Rate

Written by Charlotte Wood (last updated February 21, 2009)

While some may think that your control over your credit card rate extends only to your credit score then you're wrong. When talking on the phone with the credit card company you can use your captivating charisma and charm yourself into a lower interest rate. While this negotiation may not necessarily depend entirely on your personality charm, if you have negotiating charisma and tact then you can slide into a lower credit card rate.

Bargaining is a skill that comes naturally to some and needs to be learned by others. How exactly do you bargain, especially with an institution like a credit card company? Go into your negotiation with good credit; if your credit history is not so stellar, you probably don't have a good chance at finagling your way to a lower rate. Fix your credit and then charm the credit card company. You don't want to come off offensive or threatening when dealing with these companies. As in any customer service oriented establishment, nice goes a long way. As a bank teller for a couple of years, I was always more willing and inclined to really help those who were kind and courteous, even if what they wanted was out of my way or hard to figure out. Those, on the other hand, who were snippy and rude I didn't make an effort to help and I inwardly rolled my eyes at their requests. Be nice! You can say straightforward things without putting them off.

Go for the lowest fixed rate. Fixed rates are the best because they don't change. A credit card company can always agree to a really low rate and then jack it up later. Bummer for you—hone your negotiation skills next time. Fixed rates are the way to go with negotiation.

It also never hurts to make your own offer. When doing this, shoot lower than what you actually want. If you ask for a lower credit card rate than you're actually interested in then the credit card companies will negotiate their way up to what you were actually looking for. It's called collective bargaining and if you use it right it's your friend.

If, however, your credit card company fails to accept your seductive negotiating charm then either find somewhere else to go or forget the credit card all together. Not having a credit card isn't a sin; not having one can increase your financial security and is a step toward greater financial freedom. Negotiating a lower credit card rate is a skill and a risk; don't go in to the negotiation with a cocky attitude, as there is a chance it won't work. If you can find the right company, though, that easily responds to your winning phone personality and negotiating charm then you have the golden ticket!

Author Bio

Charlotte Wood


Whitening Your Toenails

Toenails may yellow after a time so you may want to whiten them. Here are a few tips to get you started.

Discover More

Cleaning Dentures

If you wear dentures, then you do need to know how to properly care for them. If you're unsure about the best way to ...

Discover More

Getting a Great Tan Safely

It's summer, and you want a tan. Safe tanning is a touchy subject, but here are some ways to make sure that you at least ...

Discover More
More Money Tips

When to Use Credit Cards

For some reason, when to use credit cards can be one of the most painful lessons that anyone can go through. Instead of ...

Discover More

Living without Credit Cards

If you are really interested in being as financially independent as possible, then you need to be as free of debt as ...

Discover More

Comparing Credit Cards

Shopping for a credit card is easily an overwhelming task and one that you may want to breeze over. Don't let your ...

Discover More

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] (all 7 characters, in the sequence shown) in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 6Mpixels. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is 3 + 0?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)