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In Part 1 of this series (see link below), I explained a method for getting the most from your credit card by slowly requesting increases to your available credit limit.
Part 2 of this series will focus on another, and probably even more important, way to manipulate your credit card company for your financial gain.
2) Tip Number 2 – Request credit card interest rate decreases
A very beneficial lesson that one of my college professors taught me (please note that this was the one class that I took at a community college and probably learned more about personal finance than in my regular finance classes) was to call every so often to your credit card company and simply request a decrease in your credit card interest rate.
I tried this a few months ago and was able to get my interest rate decreased from 19% to 11%. Wow! That is a lot of money if you ever are someone who has to carry a balance from month to month! The steps I used that worked fairly effectively are shown below:
1) Turn your credit card over, call the 1-800 customer service number on the back of your card.
2) Press whatever button you need to in order to talk to a real live breathing person.
3) Ask for the department that handles interest rate level requests.
4) Tell the person that you are considering switching to another brand of credit card and that you would like to request a decrease in your interest rate.
5) They will process the information and give you the result!
It is that simple!
What’s the right frequency to call and request this type of thing? For this type of request, I only call every year or so because I don’t actually have any use for a lower interest rate because I pay off my credit card in full each month.
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