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Can You Ask Your Credit Card To Lower Your Interest Rate?
If you think that the interest rate of your credit card must be reduced, dont just sit there and wait. Credit card companies wont volunteer to lower your rate if you wont ask them to. Surprisingly, a recent study reveals that 57% of credit card holders simply phoned in their requests and were granted a lower rate without any difficulty. So if you think youre a good candidate, pick up your phone and speak out.
Why Ask for a Lower Rate Lowering your interest by even just 10 points or less can bring huge savings to your budget. Just imagine bringing down your 19% interest to just 10%. Now certainly, that makes a big difference. Although it should be your goal to pay off your balances in full each month and avoid the interest altogether, there may be instances when you have to carry over your balance. Reducing your interest rate protects you from the risk of bad credit.
Are You a Good Candidate? Nevertheless, credit card companies wont just lower their rates for anyone. Are you a good candidate? First, check your credit report and gauge your credit rating. If youve been consistent in submitting your payments on time to all your creditors, you should have problem maintaining a high credit score. Paying off your monthly charges in full also makes you an ideal customer for creditors.
Your debt to income ratio may also be considered. How much do you spend each month and how does this compare to your earnings? Do you frequently carry a large amount of charges on your card? Do you often maximize your cards credit limit? Financial experts recommend not using more than 40% of your given credit. Using more than 505 or worse, exceeding your credit line would make you a high-risk borrower in the eyes of creditors.
Also, you need to consider the type of credit card you have. If youre using a secured credit card or a bad credit credit card, you may not be in the position to demand for reduced rates. Since youre regarded as a high-risk borrower, you cant expect your credit card company to reduce your rates just because you asked them to.
What to Say If you enjoy an excellent credit history, theres no reason why you shouldnt deserve a lower rate. The question is, what should you say to your credit card issuer? What points can you use to convince your credit card to reduce your costs?
One strategy is to research about the interest rates that other credit card companies offer. Based on your research, compare them with your credit cards rate and use this argument to request for a lower rate. You can also point out that youve been a long time customer (and a good payer at that!) and that youll like to stay within their company but that other credit cards seem to offer a better deal. Ask them if they could match that offer.
If the person you talked to insists that it is not in their power to make adjustments on fees, ask to speak with the supervisor. If your request is initially rejected, dont lose hope. Call again after a month or two and see if theyll be more agreeable to your request. While waiting, continue to improve your credit score and youll have better chances of getting a positive answer.
Know Your Options When You Need Same Day Cash
Its certainly not unheard of for anyone to have emergency money needs. Some of the richest people out there- names you would recognize immediately- were once unsure how to make it to their next paycheck. Well they did, and in many cases they did so with the help of private lenders willing to give out same day cash to hard working people.
In the first place, the first thing to know is that most big banks will laugh in your face if you approach them over it. They have stringent, unrealistic standards, and consider it a privilege for you to be able to walk in their door, let alone borrow money from them. Thankfully, though, the unmet needs in millions of working people caused by this attitude have made possible new ways of lending and borrowing money, ways that are better suited to your lifestyle and habits.
Getting same day cash has become far simpler with the advent of the internet and its rapid entry into all areas of modern life. The internet is uniquely suited to meeting these needs, since using the internet for quick loans means using less of your time driving around to banks, trying to justify your credit history, assembling countless documents, and basically trying to kiss up to people who should be begging you for your business.
For a view of the ultimate in simplicity, check out some of the terms available at cashmoneymart.com. Its truly astounding what a difference there is if you look at the options they offer and compare them to what the average bank representative would tell you they can do. They have all the information you would otherwise have to beg for from a bank officer, right there free for the taking. When you decide on a plan and start the application process, youll find theyve streamlined that process as well, with their custom interface. It makes the whole thing from beginning to end virtually stress free.
They wont ask about your credit history. Thats not their business, and they know better to assign any meaning to the statistics compiled by lenders who make impossible demands of working people. They also wont ask about collateral. Why would they want to sell your home? If you dont have a home, you certainly wont borrow from them again or tell your friends about them. Theyd far rather see you reach your goals with their help.
When you need same day cash, theyre really the best out there.