Mortgage interest rates are near all-time lows. If you have an interest rate that is 4% or higher, we should talk. Please take a moment to give me a call or and fill out the Mortgage Plan Form below and we will assess any available savings you might be able to get.
Today I’m not only talking about a better interest rate on your mortgage, but a better interest rate on your credit cards. Many credit card issuers charge interest rates as high as 30 percent (APR) or higher. Many people do not realize that it is possible to negotiate with your credit card company for a lower rate, especially if you have had your credit card for quite some time.
How do I lower my interest rate?
Here’s where to start:
- Call the customer service number on the back of the card. You can also find this on your monthly statement.
- Be kind and upbeat to the customer service representative.
- Use a script something like this: “I just received an offer in the mail for a new credit card that has an introductory interest rate of only 6.99 percent (or whatever low rate you have been offered). I don’t want to switch cards because your service has been excellent. However, I’ve had your card for ___ years, and I’m still paying a 17 percent interest rate on my balance. I’m planning to transfer my balance unless you can lower my interest rate.”
Them: “Well, that is our standard rate, but let take a look.”
You: “Of course, I understand you have a standard rate, but I can pay much less interest if I transfer my balance. I need you to help me reduce the rate to 8 percent or less.”
Them: “Hold on while I check with my supervisor… Okay, how about 8.99%?”
You: “Thank you, that would be great.”
This scenario will not work as well if you have been late on your payments or show that you have large balances on several credit cards. However, if you are courteous, the credit card issuer should be willing to offer you a lower rate to keep from losing you to a competitor.