Negotiate Lower Interest Rate-Credit Card Tips UAE
The interest rate on credit cards are is fixed and always negotiable. Even though you carry a debt on your credit card, if you have been a good customer and have been paying your credit card balance every month, then you can always approach your bank to reduce your current interest rate.
It makes lot of sense for banks to retain existing customers than acquire new customers because it involves a huge cost to them. So they will be willing to lower your interest rate to keep you as a customer.
But banks won’t make it easy for you. You need to give legitimate reasons as to why you deserve a better interest rate.
Why Your Bank Should Reduce Your Credit Card Interest Rate:
#1. You never missed any payment and made them in time
#2. Have been a loyal customer for many years
#3. You have better offers from other banks
Ensure that these facts are true. Put forth your argument politely and try to win over the bank representative. They are there to help and I am sure you can secure a low rate on your credit card/cards.