Secret #7: You can haggle for a lower interest rate.

Credit companies spend BIG bucks to find new customers . . . so good clients have considerable leverage. You want to use that leverage to your advantage.

Dolan Smart Money Moves: IF you have been a good customer (paying your bills on time), call your issuer and negotiate for a lower interest rate and waiver of annual fee. Be sure to mention any other business that you do with the bank that issues the card. (If you're behind in your payments or have a history of being late, they may be less inclined to give you what you ask for – another reason to be smart about how you use your credit cards.)
We are constantly telling our listeners that if you've been paying bills on a credit card with a 19% to 20% interest rate, then you should let the issuer know, "I want a lower rate or else I'm splitting."

The company knows that you can always transfer the balance to a card with a lower interest rate and tear up the card with the high rates. It costs credit card companies money to replace you as a customer. There are cards with 6%, 7%, 8%, 9% interest rates, and if your credit is good you should be able to get one.

Remember, it's your money - don't let those credit card companies take any more of it!

Now that you know the insider secrets, stay credit-savvy and debt-free with these articles:

• Pay Off Your Credit Cards in One Year
• Save Hundreds on Your Credit Card Interest
• Clean Up Your Credit Rating


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