by Jeff McIntyre

Created on: January 12, 2007   Last Updated: April 13, 2007

Credit card rates are just as negotiable as say the price you pay for a car or the salary you get from your employer....

The trick to getting credit card companies to play by your rules, is to be aggressive, yet intelligent and let that credit company know that you have other options.

I have held a platinum card with the same company for 9 years now, and have been successful at keeping my rates low every year. Now keep in mind, before you think you can go off and negotiate these rates, you better have been in good credit standing with this company, otherwise you don't have much to leverage in this negotiation process.

Here is my advice for negotiating a favorable rate from your credit card company:

1. Read your junk mail offers from all those credit card companies trying to win your business

2. Select 3 companies that have presented you with an attractive offer, say a 0%APR on a balance transfer or a real low rate on new purchases.

3. Call your current credit card company and tell the representative that you are a happy customer and wish to stay with current company but have some very attractive offers that you are considering.

4. If the represntative does not try to counter the offers mentioned immediately, then you must ask for a supervisor/manager.

5. Tell the manager that again you are a very satisfied customer and would like to continue with current company, and see what kind of offer is presented. It is also a good idea to mention the names of the companies and offers that were presented to you, so the manager doesn't think you are bluffing. If you are not satisfied with initial offer, you should be prepared to present what you would like in order to continue to do business with current company.

6. If you have proven to be a valued and loyal customer the manager will always work with you to come to a compromise in order to retain your business.

There is an old adage in business that says it is 10 times more expensive to acquire a new customer than it is to retain an existing one.

Do not abuse this, but give it a try once a year and I assure you that you will keep your creditors honest and your wallet full.

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