Health and wellness entrepreneurs and smaller health clubs, yoga studios, wellness centers, corporate wellness businesses and medical practices often finance some of their business expenses with personal or corporate credit cards.
If you’re carrying balances on credit cards with high interest rates, now’s a good time to negotiate a lower rate.
Here’s specifically how to do it:
Tips from Jerry Curtis, who runs a debt consolidation firm, on arm-wrestling your credit card company into lowering your interest rate:
1) call about 3 days before month-end, when customer service reps are under pressure to make quota
2) if the first rep doesn’t help you, call back on a different day because another rep may be more cooperative
3) no luck yet? ask to speak to a supervisor – and be prepared to wait, because they’re hoping you’ll give up – and they’re probably on the phone with another customer, too
He thinks you’ve got a 75% chance of success of getting a rate cut if you talk to a supervisor.
4) If the sup won’t lower your rate, ask for a temporary reduction for six months to get back on a sound footing
6) Call the card with the highest rate first. If you’ve made your minimum payments on time and haven’t repeatedly overrun your credit limit, you’re likely to get the answer you want.