Credit card issuers and banks determine their own standings in the industry based on the amount of outstanding balances their customers have. So, card issuers are likely to create strategies based on what attracts customers. This includes lowering the APR or interest rates on the card. Here are some tips to get a more attractive APR from the credit card company.
The first thing is to ensure that you are a customer that the credit card issuer actually values. Banks take a look at the credit scores of customers and those with excellent credit ratings are invariably in greater demand. It isn't hard to avoid a low score. In the simplest terms, you need to use the card a few times, pay the bill on time and not exceed the credit limit.
One of the best ways to negotiate for a more favourable APR is by informing the credit card issuer that you are planning to cross over to another card. Given that there are specific departments for retaining customers, your case would be transferred to staff which would have the power to offer better terms to retain you as a customer. If you have a good credit score, you can negotiate for a better APR with representatives talking to you.
You can use specific comments that are likely to create a better effect too. For example, you can complain about a fictional friend who has received a better APR, although you, who has been a customer for quite a considerable period, hasn't received a good deal. You can also inform them about transferring your balance to another credit card from a competitor. You could talk to them about closing your account with the credit card issuer. There are some websites that will give you a good idea about the existing rates, so that you are better prepared with examples.
One should also note that getting a more favourable rate might not always be possible at the first try. You will have to come across a friendly representative who also has the power to alter the features and give you better terms on the credit card. Your card history has to be impressive enough to influence a change in the APR too. A good credit record is the key to getting a favourable APR and with subsequent efforts you should be able to lower the APR on your credit card.
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