Credit card rate reduction
March 19, 2008 by kellys
Filed under financial matters
So excited! I just got a notice from my Credit Union that they are going to lower my rate from 12.99% to a fixed 9.99% rate for the life of my card. Let me tell you. I am excited! And I will also keep that letter in case they ever try to raise it again. I will keep them accountable for their word. I will not pay more than that.
You should try to call your credit card companies and tel them you want a rate decrease. It usually works for me and it can’t hurt. Don’t ask them, TELL them. If you haven’t been late on payments and are in good standing, give it a shot.
Remember the “lifetime” of you card is when it expires, or a million other exceptions that are thrown in to the fine print.
I have received more “updated” terms on one credit card over the past six months, they no longer even resemble the terms I originally had when I signed up with them.
Good advice on the Credit Cards, but keep one thing in mind, only do this if you are up to date with ALL you obligations that may be reported through a credit bureau. If you are late with Bank B, then Bank A, which you asked for the decrease, can and may actually UP your rate based on something that has nothing to do with your payment history with them. Sad, wrong, but very much true.