A credit card can be a great boon by offering you funds when you have been turned down everywhere else. That however does not mean that you should take it for granted. Business credit card interest rates are usually high. If one were just paying minimum payments on their business card, the interest can accrue very quickly, leaving you with a balance that will become more and more unmanageable and demanding on your business.
You can however keep your credit card expenses low by looking to lower your rate. For this, you will need to have been timely with your card payments. If you haven’t been, start now as it will allow you to get a reduced rate in the future.
0 Balance Transfer
If your record has however been clean over the past 6 months, you might be able to reduce your interest rate with a simple phone call. First, grab your latest statement to do some research. Find out your current rate. It will most likely be a bit too high. The best interest rate you are going to get from a business card provider is going to be in the 8% range. The higher your credit card interest rate, the more chance you have to bargain it down.
Next, look through your junk mail and you will almost inevitably run into an offer that you have not even opened. Open it up and see if there are any special offers. On lots of occasions, you will see an offer that gives you an introductory 0% offer for 6 months. Grab offers like this before you make the call and keep them handy.
Next, call your credit company and ask to speak to someone who can change your interest rate. Do not waste your time with people who do not have that authority and you might have to go through a couple or even three people before you find the person who can change your interest rate.
Explain to them that you think the interest rate is too high and that you deserve a lower rate. Also, mention the offers that you have received and indirectly tell them that you can easily transfer the balance to other cards instead of paying a high interest rate. Most credit card companies will be able to work with you and reduce your rate although it will not be a spectacular reduction. Whatever it may be, it will definitely save you quite a bit of money in the long run, especially if you have a big balance on your business credit card.
Tips For Keeping Your Business Credit Card Interest Rate Down
Thomas Ajava writes for CreditCardsforSmallBusinesses.com – credit cards for small businesses.