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“How to Lower Interest Rates on Your Credit Cards With Just One Call” might sound like a strange topic for me to cover on Celebrating Financial Freedom.  After all, I’m all about getting rid of those little plastic demons and working your way toward debt freedom.Lower Interest Rates With Just One Call So what gives? As part of your debt elimination strategy, getting lower interest rates can be a huge advantage to you that can save a lot of money, especially if you have a lot of credit card debt.

Remember, it’s us against them when it comes to “what’s in your wallet”, and the more cash you’re able to keep or pay down your debt with is a win for you, not the bank, who doesn’t care about you at all.

Getting those excessive interest rates reduced will lower your overall payment and make it easier to get that debt paid off more quickly so you can rid yourself of having to feed the credit monster every month. Making that one simple call successfully will also help you feel more empowered toward your goal of debt freedom because you are actively taking steps to attack the problem.

That one call can give you a better sense of control and confidence over your situation that you may not have had before.


So How Do You Lower Interest Rates With One Call?

Here’s how:

  • Place a call to the customer service number for your card.
  • Tell them you want a lower interest rate and your annual fee (if you have one) eliminated.
  • If they ask why, tell them it will better help you meet your financial obligation to them without any problems.
  • Also tell them that you’ve been looking at other cards with no annual fee and lower interest rates, and you’ll transfer your balance to one of those cards if they can’t help you out.
  • If they still refuse, ask if there is anyone else you can talk to that may be able to help.  Sometimes the person that initially answers the phone may not have the power to get you a lower interest rate, but someone higher up might be able to get it done with no problem.
  • If they refuse to help you out, then don’t hesitate to transfer your balance away from that company to another card with a lower interest rate and no annual fee.


Don’t Take “No” For an Answer

When you make that call, don’t take no for an answer.  Sometimes they just want to see how far you’ll go, because if you are easily discouraged by their “no”, then it saves them money. Be pleasant, but be firm.  Don’t talk from a position of weakness.

For example:  If you say “I was wondering if maybe you could give me a lower interest rate?”, that is probably not going to work.  Speak from a position of strength:  “I want you to give me a lower interest rate and eliminate the annual fee on my credit card.  If you can’t do that, I’ll be floating my balance to another credit card with a lower interest rate.” If you sound passive and unconfident, they will roll right over you.

You might even want to practice the call beforehand, rehearsing what you’ll say and how you’ll say it. Of course, this technique may not work every single time, depending on your payment history and other factors.  but if you’re firm and insist upon getting what you called for, you’ll find that it works quite often. You should understand that this phone call might be a long one because they will put you on hold multiple times and even try to sell you alternate products.

But be patient, nicely insist on getting what you came for, and you’ll find that lowering your interest rates with this technique works more often than not. This kind of call, as with any call to a credit card company’s customer service department, may last 30 minutes to an hour, but it can literally save you hundreds or even thousands of dollars depending on your balance.  That, my friends will help you pay off your debt that much quicker and get you further down that road to financial freedom. Remember, the ultimate goal is debt freedom and life free from credit cards.


Let Me Know How You Did!

So whatever you do, don’t pile up more debt because now you feel you have a little more breathing room with your credit card debt.  Continuing to use those little monsters while trying to get them paid off is a recipe that will keep you going round and round on that hamster wheel of perpetual debt, never really achieving anything.

Once you call your credit card company and use this technique, contact me by email and let me know how it went for you.  I’d love to hear your experience!

Question:  Have you used any special techniques to get your debt lowered or paid off quicker?  Tell me about it in the comments.  

Check out the CFF “Credit Cards” Page Here

Ready to Get Serious About Getting Out of Debt?

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In this 6 day mini-course, I’ll reveal the steps that my wife Angie and I took to get out of debt, and even eliminate our money fights for good!  Best of all, it’s absolutely free!

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  • Jenn

    Great article. I believe everyone should give this a try.
    In the past (about 15 years ago or so) I had a little success in doing this. The sense of empowerment to take charge of my finances spurred on the feeling that I finally controlled my money & not it controlling me.
    More recently, I made the mistake of putting medical bills onto credit cards. When the dust settled from the illnesses & injuries, I realized what a poor decision that was. So, I reached out to ask for a reduction. I was turned away by all saying I was not eligible at this time. It wasn’t until the last “no” that I thought to ask why. They said it is no longer permitted for the credit card companies to do rate reductions as a courtesy & that they are required by the regulations with which they must comply to set the rates based on credit worthiness. I have never been able to get confirmation as to whether or not this is true. Has anyone else heard of this? Could clarify if it is true or not? Thanks!

    • http://www.CFinancialFreedom.com Dr. Jason Cabler

      It varies within each credit card company. In general though, there have been so many people over the past few years with credit card problems that they will only work with you if they see signs that they may not get paid. They are usually more willing to work with you once you miss a few payments and they realize they might have to send you to a collection agency. The worse your situation, the more likely they are to give a little consideration.

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  • http://dumbpassiveincome.com/ Matthew Allen

    Years ago I tried this tactic with Discover. I went for the firmly passive approach. I called them up and commanded, “I need you to lower my interest rate immediately.” The lady on the other end literally laughed out loud at me and thought I was joking. Needless to say, I was not firm and my attempt failed.

    • http://www.CFinancialFreedom.com Dr. Jason Cabler

      Well, obviously it doesn’t work every time, but when they say no, you always have the option of floating the balance to a lower rate card with a different company to get it paid off quicker. They won’t be laughing then!

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