Every day most of us get calls regarding taking credit cards. Even in malls and other public places, we find salespeople trying to sell us credit cards. It is very annoying when you continuously receive calls and request to take a credit card. But the truth is credit cards are indeed the need of the hour. If you know how to use your credit card properly, then you might be able to get the best out of it.
Today everything has become very expensive, unlike our previous generation, people could afford to buy almost anything with their savings. But now since the prices of every commodity is skyrocketing, it is not possible for us to buy it with our savings. Therefore, we buy it with our credit card and slowly pay off the amount. It might sound very rosy, but the truth is that we need to be very careful when using a credit card. You always need to keep track of the spendings of your credit card. If you overspend, then you might have to pay back a huge interest.
When we opt for a credit card, the first year the annual fees are waived off. Also, the interest rate is also very low during the first year. This captivating scheme impels us to take the credit card. But what happens when you complete 1 year? After the introductory offer has expired, the real interest rates start getting added to the amount spent by you.
Paying high interest for your credit card spending might seem to be very difficult, as our hard-earned money gets drained out paying off the debt. So, it is advisable that when you opt for a credit card, make sure that you get a low interest otherwise it is going to become a burden for you.
How to reduce your credit card interest rate?
To know how to reduce your ICICI credit card interest rate, you need to follow the below-mentioned tips and tricks.
You can determine the interest rate of the credit card during the application. Once the credit card reaches you, it is not possible to change the interest rate. So how to reduce it?
Check for options
Before applying for ICICI credit card, it is always advisable to check the range of cards they are offering. Different cards offer different rates of interest and different features. Therefore, it is advisable to select the card which suits your requirement and has a very low amount of interest rate. After you have selected the card, you can apply it online. After applying for it, you can check ICICI credit card application status on their online platform.
Request your card issuer
When you are applying for a credit card, make sure to have a proper conversation with the card issuer. Credit card companies always have a flexible plan and therefore, if you can negotiate properly, there are chances that the interest rate might be reduced.
You can also call up the customer care of ICICI credit card department, and negotiate with them regarding the interest rate on your credit card.
Use your old card as a reference
If you already have an old ICICI credit card, you can show that to the bank. Normally, banks give a lot of benefits to old customers, and by showing your previous relationship with the Bank, they might consider reducing the interest rate.
Therefore, always keep in mind that before finalizing the application for your credit card, make sure that the interest rate suits your budget. Always negotiate the interest rate during the application process. To know more about your credit card application process, you can visit https://blog.cred.club/uncategorized/how-to-check-ICICI-credit-card-application-status/. Again, note that once your credit approval is done, then no changes can be made in your interest rate.