Because of the economy’s current state of flux, credit card users are getting a new wave of emails from credit card companies regarding interest hikes. Don’t just sit there and do nothing.

Here are some ways to fight back.

Try calling the credit card company to ask for your interest rates to be lowered. Your chances for success are higher when you maintain a good credit rating. If they refuse to lower your interest rates, pay for it in full but don’t opt out. You may use it again when the economy’s standing will climb in the future.

Cancelling your credit card may hurt your credit rating especially if you used the credit card for a long time with a good credit history.

However, if you want to opt out and cancel your account, you have to mail an opt-out letter to the credit card company. There is no opt-out form so you have to write a letter instead.

If you do not want to use your current credit card because of its high interest rate, you can look for other credit cards online offering lower interest rates. Compare the interest rates and terms and choose one that you like to have. Apply for it and pay off the previous credit card company refusing to lower your interest rate. 

It is essential that you read the terms and conditions before applying for a credit card.

There may be rates that are fixed for a certain period and increase the next. New credit cards may have an introductory rate. Make sure you know the time frame for the shift from introductory rates to regular rates. When you get your new credit card, you have to pay it off before the scheduled regular rates apply.

People with good credit history have a better chance to get an interest rate reduction.

Especially if you had a credit card for a considerable length of time with a high credit limit, you can lower your interest rates significantly.

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