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Research: Secrets Your Credit Card Issuer is Keeping From You -

There are some things that your credit card company doesn`t want you know, because if you as the consumer become aware of your power, you will be less likely to pay high fees and interest rates. Here a few things that credit card company doesn`t want you to know:

You`re Powerful. The higher your credit score the more power you wield in the credit card market, because your credit score determines how profitable you are to the credit card issuer. Remember that when negotiating with your credit card issuer. Credit scores above 700 have a decent amount of power, but the true power lies at a credit score of 750 and above. If your credit is nowhere near these numbers you can still negotiate deals if you show a period of prompt bill payments.

You can Decrease Your Interest Rate. If you see a credit card with a lower interest rate or any other benefits that interest you, call up your current credit card issuer and tell them that you`re thinking about switching credit cards because you have found a better offer. Most credit card issuers will do their best to keep a customer if it is pitched in this manner. Make the story extra sweet by saying how much you love your current credit card company and you would prefer to remain loyal to their company. If you`ve been diligent in paying your bills they should comply.

You can get rid of That Annual Fee. Playing hardball is a big factor in successful credit card negotiations. If you set out to get the lowest possible rate, you`ll end up paying a low or average rate, even if it`s not what you wanted, it`s still better than the advertised rate. So, keep this in mind when you ask your credit card issuer to completely remove your credit card annual fee. While some credit card issuer will deny the request, if you put your game face one you can negotiate to a 50 percent fee cut. If the sales representative that you are speaking to doesn`t seem to budge, ask to speak to the supervisor. Be polite, yet direct when getting your point across. Never be rude.

You can Raise Your Credit Limit. Or you can ask at least. Be careful when you ask for a credit limit increase, because it can go both ways, the credit card issuer can review your income and payment history and decide you need a decrease instead. If you get a credit limit decrease it could negatively affect your credit score, because the ratio of available credit and credit used will be significantly altered. Only call and ask for a raise in your credit limit if you can prove that you just got a raise and will be making more money, or you have a long withstanding history of prompt payments.