The 28 consumers who landed lower credit rates saw the card APRs on their cards drop from an average of 16 percent to 10.47 percent. Slicing interest rates by more than one-third by making a quick phone call is pretty impressive. A handful of consumers did exceptionally well. One cardholder saw his 14.99 percent rate reduced to zero for six months. That''s quite a deal. Another cardholder saw the APR on her credit review account drop from 31.12 percent to 14.65 percent. credit Until she called, she had no idea she''d been paying a penalty interest rate. card She didn''t realize that for six months she was paying this outrageous 31 percent interest rate," the principal author of the rate reduction survey and study. It can''t hurt to ask Why are card issuers so willing to cut interest rates for so many of their customers? For one thing, competition in the credit account industry review is fierce. If you''re a good customer, a card company is going to want to hang on credit and card to you.

Additionally, a lot of people would ask for review a 10-point reduction,"A lot of people aren''t going to get that, but I think it''s important to shoot high." Persistence really pays Strong, who teaches a class for people with credit credit problems, encourages all of his students card to call their credit account issuers and ask review for lower rates. Many credit do just that. How many are successful? "I would say three out of four easy," He encourages folks who are denied rate reductions to try again another day. You may reach a more card and review cooperative customer service rep. You may be sent credit to an agent who specializes card in keeping customers who are threatening to leave. Be persistent and make it clear that you''ll close your account if your interest rate is not lowered. persistence review pays credit in these matters," "If card the rep won''t do it for you, ask for a supervisor."

"It costs them review a couple hundred bucks to acquire a new customer and it''s not so easy anymore," says author of What Every credit account User Needs to Know. And thanks to Alan Greenspan, issuers can afford to make rate cuts for their customers. The credit Federal Reserve cut interest rates card 11 review times in 2001, making it much cheaper for issuers to borrow the money they lend to customers. "They can afford to give consumers a break," "And they''ll do it to keep your business." And while it''s not quite a matter of ask and ye shall receive a lower credit credit account rate, it''s pretty darn close. All the consumers who participated in the PIRG survey were given the following sample script. Hi, my name is [Your Name]. I am a good customer, but I have received card several offers in the mail from other account companies with lower APRs. I want a lower rate on my card, or I will cancel my card and switch companies. And that''s it. review Even folks who dread confrontations ought to be able to handle that. You only need to be assertive for a matter of seconds.

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