Can one phone call lower your credit card rate?

Can one phone call to your credit card company lower your card's interest rate?:

Next, you should know the average credit card rate is 15%. If you are paying more than that, tell the representative, you know you can get a better rate somewhere else.

Finally, know your credit score. Most consumers have a credit score in the 700 range, which is considered good. If you have a score around 700, tell the card representative.

"Ask them point blank, why am I paying such a high rate," asked Arnold.

If the card rep says, "no", tell them you want to close the account. You don't actually have to follow through, but by saying it, you will be transferred to an account retention department. That department is designed to keep you as a customer.

"They are the ones that can make the big concessions to you, they are the ones that can get the results accomplished," said Arnold.

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