- 1). Gather up all of your credit card statements. Note the customer service number on each statement. Highlight the current interest rate as well as the customer service number for easy reference.
- 2). Call each credit card company. Ask for your interest rate to be lowered, especially if you have made all payments on time for a full year. Make sure to inform the customer service representative of your on-time payment history, your current credit score (if high) and your history of paying balances in full each month, if applicable. Additionally, ask if they have any balance transfer specials.
- 3). Write down the results of the Step 2 exercise. Note if there are any balance transfer options that you can take advantage of to transfer balances from cards with higher rates. Call the lenders offering the best transfer options and transfer your credit card balances to those cards. Keep notes of the transaction to ensure the advertised rates are applied correctly to your transferred balances. Also, note the date that the special balance transfer rate expires. Attempt to pay off the credit card prior to the balance transfer rate expiration date.
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