Saving money may be easier that you think once you discover how to lower your Discover credit card interest rate. With a little preparation and one simple phone call, you could be on your way to saving hundreds or thousands of dollars in interest payments.
Things you'll need:
- Credit card statement
- Land line or cell phone
- Review your current statement. You will need to know exactly what your current interest rate is. It may also be wise to look at statements from the past year to see if the interest rate had increased; look for any patterns in those increases.
- Keep the credit card offers you receive in the mail. If you have been given credit card offers from competitors, keep those offerings close by. You may be able to use them as leverage to get your Discover credit card interest rate lowered.
- Contact other credit card companies. Contact the competition to see what interest rate they would offer you. Again, this information will be used during your call to the Discover customer service center.
- Gather basic information. From your statement, highlight the account number, the current interest rate and the customer service phone number. You want to be prepared and sound confident during your conversation.
- Call the Discover card customer service. Tell the customer service representative that you would like to talk to someone about lowering your Discover credit card interest rate. You will most likely be transferred to someone else as the initial representative usually does not have the authority to negotiate interest rate terms.
- Make your case during the call. The credit card offers you received in the mail and the research you performed earlier are used at this time. You are simply asking them to lower your credit card interest rate and stating you have offers from other companies with better rates. Tell them that you do not want to hassle with transferring the balance to another company but would like a better interest rate than what you are currently paying.
- Be polite and stay calm. In most cases, by remaining calm and being polite, you will be able to negotiate a lower interest rate once you reach a customer service representative that has the authority to make the change. It is important to remember that the Discover credit card company is under no obligation to lower your interest rate so politeness could go a long way in this particular situation.