Breaking Out of High Interest Rates When You Have a Credit Card for Bad Credit

If you are stuck with a credit card for bad credit, you are probably stuck with sky high interest rates, too. You are probably resigned to those high interest rates, too, because the only way to lower your rates is to wait for your credit card issuer to decide to lower them... or is it? People across America have discovered that there is a better way to improve their credit card terms: All you have to do is ask.
The most effective method is to call up your credit card company and tell the customer service representative that you have a more attractive offer from another company and are considering switching credit cards. You may be sent to another customer service representative who specializes in convincing customers to stay, or you may remain with the representative who took your call. Either way, be polite, lay out your case calmly and methodically, and be willing to negotiate. If you cannot come to an agreement on your first call, thank the representative, end the call, and call back another day, when you may get someone who is more willing to help you. (Although customer service representatives are required to follow regulations, they have some leeway in how far they are willing to go for a given customer.)
Credit card customers who tried calling up their issuers and using this method were able to lower their interest rates more than half the time, for an average drop of 5 to 6 percent. Some customers got their interest rates lowered by half. That is a significant reduction and remarkable savings, especially when you have an interest rate as high as the rates typical for a credit card for bad credit.
Your credit rating and the length of time you have been with your credit card issuer will be two of the most important factors in determining whether you will be able to get a rate reduction. If you have bad credit, focus on how long you have been a customer, how regularly you have paid your bills on time, and the comparatively small percentage of your credit line you are using, since all of these are also factors in whether your credit card issuer is willing to give you a break in your interest rate.
So phone to ask your credit card company for a better interest rate, and be polite but persistent. It is likely that you will see your interest rate drop significantly. This method works whether you have a regular credit card or a credit card for bad credit, and the best part is that if your credit card company turns you down, there are no negative repercussions. Why not pick up the phone and place your first call today? It can only make your credit card terms better.

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