Most consumers like to feel as though they are getting a good deal and this especially applies to credit cards and their interest rates. Comparing credit card interest rates in the digital age is relative easy due the smorgasboard of comparison websites allowing you to compare credit cards quickly and easily. While it is a common belief that the consumer has no control over the credit card interest rate they pay – this is infact incorrect as there are several things you can do to get the best possible interest rate for yourself.
There are a number of things that a credit card user can do to lower the interest rate they pay on a credit card. One of the more surprising things that can be done is for the credit card consumer to simpply call and ask the credit card lender to lower the interest rate that applies to their credit card.
We are all very well aware that credit card lenders make a great deal of money from credit card consumers, however what we as consumers tend to forget is that the industry is extremely competitive with banks, credit unions and building societies constantly coming up with new promotions and special introductory rates to lure new customers away from the existing lenders. This works in our favour when wanting to lower the interest rate on our cardit cards. What consumers do not know is that it is actually far cheaper for a credit card lender to retain an existing customer than it is to have to acquire a new one to replace you. Bear this in mind when you call your lender and ask for a better deal.
In many cases the first person you speak to may well be able to lower your credit card interest rate on the spot. If they are unable to do so to a rate that you find satisfactory, ask them to put you through to someone who can. Let them know how long you have been a customer and that you are aware of better deals with competitor lenders and you are willing and able to take your business elsewhere. In this case it is best that you have done a little research and can provide examples of competitor interest rates on their credit cards.
Many instant approval credit cards offer low interest rates on both an introductory and ongoing basis, a balance transfer from a higher interest credit card to a lower interest credit card is perhaps the way to go if your current lender can not give you the rate that you deserve.
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St George Vertigo Purchases : 13.24% p.a. Balance Transfer:0.99% 12mths Annual Fee: $55 Interest Free Days: Up to 55 Cash Advance : 21.49% p.a. More Info |
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