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A five-minute telephone call to your charge cards issuer can save you hundreds, or even thousands, of bucks in interest charges. There`s no incentive for the issuer to reduce your interest rate until you give them a call. Often enough, a credit cards provider will provide you with a reduced rate, only because you called and put in a polite request.

Surveys conclude that whenever clients of all credit backgrounds called plastic cards providers asking for more affordable interest rates, more than 50% managed to get lower rates, for a mean average of a 33% rate reduction. Slashing rates by more than one-third, simply by making a brief phone call, is quite remarkable. In certain cases, cardholders don`t even realize that they`ve been paying a `penalty rate` (a higher rate of interest because of a late payment or going over the credit limit) till they ask for a rate reduction.

Why should card providers be so accommodating about cutting back rates for such a large proportion of their clients? Well, to begin with, competitiveness in the online creditcards segment is fierce. If you`re a good customer, a card issuer is likely to be keen to retain your business. Sometimes, the cost to the card issuer may be no more than a couple of hundred bucks to re-acquire a customer, and it`s not that easy any longer.

Granted that this doesn`t quite translate to ask and you shall receive a online credit card rate, it`s quite close. For example, all the customers who took part in one of the surveys were asked to use this test script: "Hi, my name`s John Smith. I`ve been a dependable customer, but, you see, I`ve been sent a whole bunch of card proposals through the mail from all these other online credit cards providers, which come at lower APRs. I insist on a lesser rate on my credit card, otherwise I`m going to cancel my card and switch issuers." Even folks who fear a face-off should be comfortable with this brief speech. You only need to be assertive for a few seconds. Veterans teaching classes intended for those who have complications with credit, encourage their students to make that call to their creditcard provider and firmly request lower interest rates. Many follow this valuable tip. Typically, three out of four accomplish what they set out to get.

Experts advocate that people who are not given online creditcards rate cut-backs ought to take another stab at it some other day. The chances are that they`ll contact a more accommodating customer service rep. They could be sent to an agent who specializes in holding on to customers who have a grievance and may change providers. Determination may pay dividends in these kinds of initiatives. If the agent refused to lower your rates, ask for a supervisor, experts suggest. Also, they tell us, if your creditcard online issuer won`t budge, it`s time to start looking for a more lucrative bargain. You`ve got to prepare yourself to change your account in case card providers don`t do anything for you. A number of these places are sticklers for form and won`t compromise in any way.

Not everyone who requests one is sure to be given a reduced interest rate. But long-time cardholders could have a better chance than newer cardholders. The clients who said they managed to get their interest rates lowered, in the surveys, had remained with their online credit cards issuers for a mean average of four years. Additionally, they were only utilizing less than a third of their available lines of credit. More recent customers with larger card dues could find the going tougher when it comes to having their interest rates reduced. But it is still worth trying.

The possibility of getting rates lowered is really worth a 5-minute phone conversation, say the experts. There`s no reason on earth why you`d want to pay more to your creditcards online issuer if you could be paying less.

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