Negotiate your way to reduce credit card April!

Negotiate your way to reduce credit card APR
Articles by James Dimmitt

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three credit card accounts I had for many years. The other night I was reconciling my monthly statements and noticed a significant difference in the APR (annual percentage rate) that I was paid on all three cards accounts.My first card “A” an APR of 8.9% has card ” B “has an APR of 9.9%, and the card” C “has an APR of 17.9%-Ouch! I knew I had to see what could I do against it “out of range” interest rate on the card “C”. So I held options.One some decisions would be transferred to or spend the rest of the card “C” to provide a new card with a low in April, it would be very easy to do, because I had received several pre-approved credit cards at the beginning of the week. They included “convenience checks” that I use to pay back this huge credit card April, decided to transfer the balance to a new Account.as against this option but could not because I really wanted to add another account in my credit profile. Your credit score can that “magic number” that your credit rating for traders established negatively by too much space accounts.So I decided to see the credit card companies “C” contact, which could be affected by it over the 17 , 9% in April, which seemed so out of proportion to my other two credit card accounts do. I reasoned it was the better of the two options before me, as I have found a relationship with this company, a relationship that many years on-time payments, which reflects positively in my credit profile included with the credit bureaus. I called the 800 number and spoke a very nice person. I explained the reason for my call, offered two other credit card companies interest me a lot more reasonable I would like so see what his company could offer me.I was not surprised when he answered that he could my current rate of 17.9% to 15.9% lower. Since the credit card companies with profits in the interest rate they charge I did not expect, offered the lowest rate or best right out. I am prepared to have to do some negotiating.And, so I reminded him that my account was good standing and has for many years. I had no late payments and more thanthe due.Again minimum payment, he informed me that the best he could offer a 15.9% rate that would was good to August 2003. So now I not only have no idea how I made a pretty good deal, but these new tariff a “promotional” rate would be! I remained calm and friendly, knowing that yelling at him or tell him what a “lousy” company he worked for would be counterproductive to my ultimate goal – a low APR and better for this account. I thaned him for his time, but told him that I do not feel it was a very good offer.And then passed the “magic”. He asked me if I would talk to an account manager, and that they might better help me. I thanked him for his time and assistance and was then to an account manager.I explained my dilemma to her and persuaded her that as a good customer I expected a much better price. They sympathized with me and then gave my account to their platinum status which carried an APR of 9.9% upgrade! In addition, the Platinum Card has had more benefits and no annual fee. They also assured me that it “contract rate” and one was not a promotional rate. I would always have the same account number so that I would not open a “new” account but simply upgrade my current account status.Next you reconcile your monthly statements to look closely at the various APR you pay. If you see a difference in the prices, pay notice to you, call your card issuers to negotiate a better price. My perseverance has paid off. Be persistent – it may pay for you!

© 2005, http://www.yourfreecreditreportnow.comAuthor: James H. DimmittJames is the editor of “To Your Credit” a free weekly newsletter with a focus on managing your personal finances and credit. Subscribe to a free copy of your credit report when you visit: http://www.yourfreecreditreportnow.com

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