Credit Rate Reduction Rally
You are cordially invited to participate in the Credit Rate Reduction Rally. This rally is organized to help educate consumers about credit card interest rate reduction and how they can benefit. If you have a credit card (though some financial counselors don’t recommend them, and I don’t prefer them) you can call your credit card company, write your credit card company or, in some cases, email your credit card company and ask for a lower interest rate on your card.
Take Action!
If you have a blog begin blogging about this upcoming year’s CRRR dates: January 7th through 11th. Stick a badge on your site to let people know that its something they can do. You can also tell friends about it in person and begin preparing for your phone call to the credit card companies. Just don’t sit there.
You’ll need to know what you are paying in your current interest rate scenario - this should be on your bill, available online at your account, and also available over the phone. If your rate is higher than you’d like (and lets face it there are lots of numbers above zero) then take a look at your payment history. Your payments need to match the minimum payment or be higher than that minimum and they need to be early or on time. Some card companies have a window of six months, a year or some other number that you must have been timely and paid up - so be prepared to have this information, too.
There are other negotiation points as well. Be prepared to reduce the limit on your card to the total amount of debt on it (assuming you have not maxed out the card) and tell them that you want your interest rate reduced and you’re willing to take the limit down. Tell them that you’re willing to transfer the balance elsewhere if they won’t work with you. Be persistent. Talk to a manager if the employee won’t give you the rate reduction. If the manager will not, ask the manager’s manager. Go on up the chain. Eventually someone will want you to have your rate reduced rather than dealing with you!
Other Articles to Read
Trent @ the Simple Dollar’s one hour project. The comments on this post are also good reading.
Articles on this site
- How Much Could a Credit Card Interest Rate Reduction Save You?
- Three Reasons Not To Try to Lower Your Credit Card Interest Rate
- What Else Can You Save On By Negotiating?
- What To Do If You Can’t Get An Interest Rate Reduction
Tell Others!
Make sure that you let others know that this rally is going on and help them get prepared if need-be. Don’t let debt control your lifestyle, control your debt! If you’ve been late on payments or missed the minimum you may still be able to ask for a reduction so that you can make your payments and eventually whittle down the debt. We have to band together and knock out credit card debt, knock out high interest rates, and knock out loathsome business practices. Together we can do it!
Please consider linking to this page to help show support for the Credit Rate Reduction Rally and you, the M-Network*, and I will help knock out debt faster, and with control.
Badges
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An alternative badge
* I am not current part of the m-network, though I would surely love to join. Members of the m-network are participating and their involvement is greatly appreciated!
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