In any credit transactions the lower the interest rate the better. Anyone here knew the history of credit card? We all have to navigate the Byzantine labyrinth of credit cards at some point. Although at this point, they seem to be leaning just this side of pure evil, credit card history is actually kind of interesting. Up until the 1950s, any and all credit was specific to only one store - the grocery store, clothing store, etc. There were no payday loans; pretty much it was store credit and pawn shops. The Diner's Club Card, and the Bankamericard, later to be VISA and MasterCARD, all came about by businesses grouping together and sharing credit with customers.
Good news on credit cards
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Would you like some good news about credit cards? Then you've come to the right place.
Competition is getting fierce among issuers of plastic, which opens up the door for consumers if you have a history of paying on time and you haven't maxed out your cards.
Your credit card issuer won't send a letter telling you they might give you a lower interest rate, but they will. That could mean 1000's of dollars in savings for you.
Before you call and ask though, get a copy of your credit report to be sure there are no surprises lurking there. And don't make late payments on another card. That would open up the door to higher rates, no lower.
The odds are in your favor. It's estimated that 75% of people requesting lower interest rates get them. If you have good credit, your card issuer really can't say no and risk losing you altogether.
When you call, be polite, stay calm and make your case. Why pay 16.6% if you can cut the rate to 10.8%?
Explore Dolans.com
February 21, 2010 5:44 PM
Before you make the phone call I would also encourage you to spend a few minutes online and get an idea of what other credit card offers you might qualify for. Then you can tell your credit card company that if they do not lower your rate to X% you will get a credit card from company Y that will give you X% and thus they will lose your business. Then they know you are serious...
March 16, 2010 9:07 AM
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