How to Get a Better Deal on Your Credit Card

C redit card issuers aren't as rigid in applying rules and fees as numerous consumers believe according to industry insiders and savvy cardholders. Under some situations and with the appropriate approach, you might be able to get your account fees, interest rates, or balances lowered. Remember, credit card agreements are legally binding, so be ready to make a compelling case when negotiating a deal. Issuers have no legal obligation to bend the regulations on what they can lawfully enforce but your issuer might be open to negotiation depending on your situation and approach. Consider these tips if you're seeking a better deal. Build your credit if necessary If your credit is less than favorable, you might want to work on building your credit health in order to be creditworthy to the financial institution. Try to maintain the credit utilization rate at 30% or less. Bear in mind that great credit increases your likelihood of obtaining a lower rate. Therefore, you should keep a positive payment history. It's also important to examine your credit reports at least once annually for accuracy. Make timely payments Making timely payments on your credit card helps you evade late charges as well as penalty rates on your account. Moreover, it helps you sustain a good credit record. In turn, a good record results in a higher credit score, which could qualify you for lower interest rates. Recognize the date of payment and make sure you contact the credit card firm in case you'll be late with the payments. Obtain information regarding the eligibility for lower rates If they won't reduce your rate you might ask why. If it's due to late payments, inquire about the measures you can take to qualify for lower rates in the future. You might need to wait some months and make timely payments to meet eligibility. If they decline, try to contact them again in a couple of weeks. By making consistent calls, you have a high likelihood of getting your rate decreased. Securing better rates on your credit card might seem impossible, however; this isn't the case if you adopt the following tips.