You Are Not Trapped in Bad Terms, Even If You Have a Credit Card for Bad Credit
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by: barrywaters
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Word Count: 439
The least charming facet of credit cards for bad credit is the high interest rate that almost inevitably comes with them. However, you can do something about the interest rate. Regardless of whether you have store cards, student cards, credit cards for bad credit, or any other kind of credit card that is saddled with an inconveniently high interest rate, there are ways to 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. Credit card companies were willing to reduce their annual interest rates by an average of five to six points, and often offered additional incentives like zero percent interest for six months. One customer more than halved her exorbitantly high interest rate, an important consideration 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 civil, requesting a lower interest rate is a risk free method of improving your interest rate with an excellent chance of succeeding.
If you pay an annual fee, the same method can convince your credit card issuer to waive it. If you would like a different due date or want to transfer to a different rewards program, you do not even have to claim you are planning to leave for a different company. 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.
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