What cannot be achieved through negotiation? Countries settle disputes by negotiating. Salaries are raised through proper negotiation. Argument among a couple in a relationship is resolved by negotiating. And you thought it’s difficult to lower you credit card interest rate? Let’s negotiate.

How can you negotiate with the credit card provider in 6 steps?

1. Collect various offers

   Before going to any credit card company to negotiate, try to collect as many offers as you can. No, it’s necessary to collect hundreds of them (you wont get hundreds anyway) but make sure you have at least 5-6 genuine offers. Most of you keep getting zero percent credit card offers in your inbox or mail. That’s what you want. Collect some of these to have a proof that you are actually getting good offers that you can show your credit card provider. These offers will help you to scare the provider that you don’t need their service. You can make such offers up if you don’t have any. But I would prefer finding out some on the internet because lying to a credit card provider is as sinful as lying to anyone else. What? You don’t believe me?

2. Get a pen and paper

   And start jotting down name of all your credit cards that you own. Then mention the available balance and interest rates against each name. If the interest rate is promotional, mention the date it will expire on.

3. Contact the supervisor of the credit card company

   I guess you have the customer service numbers if you own the cards. You do, right? Great. Call them up and directly ask for the supervisor. Or use any technique to get him on the phone because if you try to negotiate with a customer service agent, you will waste more time everyday. They wouldn’t even entertain the idea of negotiating. If you want to talk to someone human, ask for a supervisor. They are much coherent and hold an authority to negotiate interest rates.

4. Beseech

   You don’t have to recite the competitor’s offers as if you are the supervisor. Tell him that you simply love the service level they offer and are very much loyal to the company. You don’t really want to go to their competitor. However, if he is not able to provide you a lowered interest rate, you will be forced to do so. I have tried this number of times and this has worked every time. Not necessarily zero percent in each case, but they always had something to offer. Even if they reduce 1.5%, what have you lost? 4 minutes to call him? It’s far better than not calling them and pay higher rates.

5. Balance transfer

   What if the supervisor was rude and stubborn, and you failed to lower even 0.5%? Hey, don’t fret. You have many offers that you collected in step 1. Select anyone that offers lowest interest rates and transfer your balance.

6. Try closing your account

   As soon as you have transferred the balance to some other company, call up the previous company and ask them to close your account. Now, each company has some people who will do anything to keep your account open. These guys are extremely useful when it comes to lowering interest rates. They will be ready to offer you even 0% rate, if you are a bit tactful.

You may not always get a zero percent rate because it depends on many factors like company policies, you payment history, credit score, etc. However, it’s very likely that you will get yourself a lowered interest rate even if your credit score is not good looking. Good steps, aren’t they? And these can also be used to negotiate many fees like late fees, overdraft, etc.