Credit Cards for Bad Credit: Improving Your Credit Card Terms
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High interest rates are the most aggravating thing about credit cards for bad credit. However, the high interest rate is not necessarily permanent. Whether you have credit cards for bad credit, student cards, store cards, or any other types of credit card that have ridiculously high rates, here is how you can negotiate better credit card terms.
The first and best trick to try is merely to call your credit card issuer and ask them for a better interest rate. According to a national survey, when credit card customers called their credit card company, said other companies had offered them lower interest rates, and told their current company that they were going to switch, 56 percent of the time their current company offered them lower rates as an incentive to stay. Customers lowered their annual interest rate by an average of five to six points, and some companies offered them perks like no interest for half a year. One customer with an exorbitant interest rate managed to reduce it by more than half, encouraging news if you have a credit card for bad credit. Customers suffered no penalties if their credit card issuer refused to lower their interest rates. As long as you are polite to the credit card representatives, asking for a reduction in your interest rate is risk free and has an exceptionally high success rate.
The same method can be useful for convincing your credit card company to waive your annual fee. If you want to change your due date or move to a better rewards program, you do not even need to threaten to leave. Just ask.
Even if you originally got your card under terms designed for credit cards for bad credit, you can improve the terms substantially, perhaps even to the level enjoyed by premium credit cards. You are most likely to get drastic improvements if you have had your card for at least two or three years (four or more years is ideal), have paid on time for the last year or two, and are using a small percentage of your available credit. However, even if you have had your credit card for only a year, are using much of your credit line, or have made a late payment or two, you may still be able to talk the company into giving you some improvements. A little civil persistence can do wonders for your credit card terms. It cannot hurt to ask.
Article Source: Articlelogy.com
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