Are You Eligible
Companies providing credit card services do lower rates but not for everyone. One has to ascertain whether he or she has done enough to get a lower than current rate. Make sure that you have been paying your bill on time. You should at least have made minimum payments and ideally more than that as well. There should not be any charge offs on your credit history and your beacon score should be decent as well. Once you show that you are a reliable person and will keep on paying your bills on time, you should be able to get your interest rate lowered. Having a clean credit history for a reasonably long time period also helps.
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Contact your Current Company
Call them and ask them for a reduction in your current interest rate. The process will vary with each company though most companies are able to let you know if the rate can or cannot be lowered right there and then. Be polite but be firm and if you know that you have been consistent in your payments, discuss all possibilities with them. Often when you ask for better rates and insist in a polite manner, you will get a reduction in the interest rate.
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Look At Other Options
Your current credit card lender is not the only company in the world that provides this service. If they refuse to lower the rate, you can contact another company and apply for their credit services. Many of the companies offer a signing service over the phone if you qualify as per their requirements. They are likely going to give you an offer with a lower rate. Also see if there is a transfer of balance option. In that case, you can transfer your balance from another card on to the new card. It allows you a lower interest rate on the existing balance and many companies are engaging in offers for special rates on the transfer of balance these days so you can make use of it as well.
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