Steps To Negotiate Reduced Charge Card APRs With Credit Card Companies

Are you one of the quite a few consumers that is unhappy with your current charge card account interest rates? Have you paid all of your payments on time every time? Do you feel as though you are paying a rate that you do not deserve? Well, I’ve got great news for you! Although, most Americans are under the misconception that banks are huge companies that don’t care about Americans, this is definitely not the case. As a matter of fact, if credit card companys didn’t care about consumers, they would never make it because there would be no Americans that want to use them. This leads me to a good point…

If people have paid payments on time every time, if they have made more than the minimum payment most of the time. Then, well, these people would be primary consumers for the lenders to have as customers. Therefore, if these people are unhappy with their interest rates, often times, banks will be willing to reduce the APRs on charge card accounts to keep these people as happy customers. Here are the steps to make that happen:

Step 1: Get Prepared: Before doing anything, people should always get prepared. In this case, people should make a list of all of their credit card companys. The list should include the banks name, charge card account number, customer service phone number, balance and APR. When creating this list, consumers should order the charge card accounts from highest APR to lowest.

Step 2: Call The Lenders: Starting with the highest annual percentage rate, call the customer service phone number for the lender that charges the highest credit card account annual percentage rate. Once speaking with a representative, people should simply say, “Hi, I was going over my charge cards and noticed that this account had the highest annual percentage rate. I like the card and the rewards but I can’t see myself paying such a high interest rate with so several other balance transfer charge card offers out there. Is there anything you can do to reduce my annual percentage rate?”. The customer service representative will place consumers on hold at this point and when they come back, they should give you one of 3 answers:

Answer 1: “Congratulations, you qualify for a lower annual percentage rate. Is there anything else I can help you with?” In this case, consumers are done, they should repeat the same process with the next highest interest rate.

Answer 2: “I will need to get you to another department please hold.”. If this is the response you get, you should repeat step 2 with the next representative until you get a yes or a no answer.

Answer 3: “I’m sorry, you do not currently qualify for a lower annual percentage rate”. Unfortunately, not all Americans will qualify for lower interest rates on all charge cards. As a matter of fact, even though they have shown perfect payment history, consumers generally only qualify for interest reductions on 40% to 60% of their debts. The good news however, these Americans also qualify for balance transfer charge card accounts! For the credit card accounts that would not reduce APRs, I suggest using balance transfer credit cards to transfer the balance to a lower annual percentage rate account. For more information on balance transfers, go to JEMCreditCards.com!

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Author: StevenMartinez

This author has published 19 articles so far. More info about the author is coming soon.