- 1). Inventory all of your credit cards, making a note of the interest rate on each. Compile a list, with the cards that have the highest interest rates up at the top. These will be your highest priority. Next to each card, make a note of the customer service phone number. It should be listed on the back of the card or on your last billing statement.
- 2). Call the customer service department of each credit card, starting with the highest interest cards. You may need to wade through an automated menu before you get to a live person, so be persistent. Websites like GetHuman can give you the correct option to reach a live representative immediately.
- 3). Tell the customer service person that you have several credit cards and that this account has one of the highest interest rates. Let her know that you are considering closing the account unless you can get a more favorable interest rate. The potential loss of business might be enough to convince her to offer you a better deal. If you have been a long time customer and have an excellent payment history, mention those things too.
- 4). If the customer service person agrees to lower your interest rate, make sure that it is a permanent offering, that the interest rate is not variable, and that it will apply to your existing balance as well as future purchases. Ask the agent to send you written confirmation of the new terms, and check your next statement to make sure the new interest rate is applied.
- 5). Follow these same steps with the rest of your credit cards. If some of the card issuers refuse to lower your interest rate, you may be able to transfers those balances to the cards that were willing to bargain.
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