Web Extra: 3 Steps to Lower Credit Card Interest Rates

Credit card companies’ affinity for raising interest rates on customers who pay on time is no secret. If and when it happens to you, here are the steps John Ulzheimer recommends to fight back and try to get your rates lowered again:

1.Create a cheat sheet. Put together everything you will need to prove your income and that you are a good customer. That includes your W-2, paystubs and previous credit card statements to show to the issuer that you generate income for them.

2.Call them. Pick up the phone and start with customer service but work your way up to speak with a supervisor. The front line customer service agents may not be empowered to make decisions that can benefit you if they are outside of strict company policy. But if you work up the ladder and speak to someone in charge, you will have a better shot of getting your rate lowered.

3. Be specific about the rate you want. Once you have a supervisor on the phone, don’t just ask for a better rate. If your rate is, say, 14.9 percent, say you would appreciate if they could go down to 9.9 percent – a rate that could work better for your lifestyle. Don’t be afraid to negotiate.