Credit Card Tip: Get your interest rate lowered

Today I decided to call about my oldest credit card account, a student card, to see if I could change to a type of card that would give me a better rewards program. I was unable to get better rewards but by changing to a different type of card they lowered my interest rate 5%! This is great!

I have always called and asked them to lower my rate when I had to carry a balance for a while. I did not realize that you can also get a lower rate by changing the type of card you have. It is worth your while to call and ask if you are carrying a balance. This can save you a lot of money in interest!

I usually do my research online first to see what types of cards are offered. Keep in mind that if you have a Visa you can only change to a different Visa card. You cannot change from a Visa to a Mastercard (or any other brand of card) as they all have different agreements and require a whole new application. Once you find one you like you may see that they are advertising a lower rate than yours. Chances are you could get your rate lowered and a better rewards program.

In my special case today I have a card that was owned by a company that was bought up by Citibank a few years back. For a long time I was stuck with the type of card I had. Today I was finally able to change over and at least get my rate lowered and gain a few other perks. Credit cards can be useful tools and it is important to get the most out of them.