I've been a loyal customer to this card company for three years, i have never been in default on anything (that includes other accounts, rent etc.) in my life, i always pay over the minimum balance and i have a good credit score, but everytime i call the company to ask to lower it they say they can only go down like one point. The apr is 21% fixed, isn't that high?
2006-08-05 15:18:14 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
You're doing the hard part right now - paying your bills on time, and paying ahead. Your credit card company loves having you as a customer because you're not a risk, but you're paying at a high rate. You're a cash cow for them!
So now, look around for a better card. Lots of cards offer low or 0% introductory rates. Call them and see how long that rate will last. Is it for transfers only, or new purchases also? Do they offer other perks, like flyer miles, etc. Do they offer money towards a major purchase, like a car? What is the grace period before they start charging interest? Can you pay it off at the end of the month with no interest charge? Pick one or two that fit your situation best.
Then contact your credit card company, and say, you have an offer here to transfer your balance to a new card. Ask them to meet their competitor's deal. Be polite, be professional, be business-like. and tell the truth. Tell t hem you have paid on time and more than the minimum. They can probably check that last right there on the computer - that's why you need to be truthful. If they want your business, they will reduce the rate. If the person says they are authorized to reduce the rate only 1-2 percent, ask for a supervisor or someone who IS authorized to change it more. If you think you're getting the run-around, say so once. If they still stall, or refuse to drop the rate, thank them, ask for the final payoff balance, and tell them that they have helped you make up their mind to change.
Then do so.
2006-08-05 15:40:00 · answer #1 · answered by Ralfcoder 7 · 2⤊ 0⤋
Credit Cards Shamed Into Cutting Charges
By: Michael Challiner
2006-08-06 02:48:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pay off the card or transfer the balance to another card. A customer service rep of the original card company will contact you to try to offer you a lower rate card for your business.
As long as you have money on the card, they will normally not change anything.
2006-08-05 22:09:57 · answer #3 · answered by Lee J 4 · 0⤊ 0⤋
Credit card companies are notoriously high. The only time I seen them ease off is with periodic "specials" they might have, such as if you have other cards, you can transfer the balance from these other cards and only pay 8% or something like that ...
I have one card that will charge me only 3.5% on all balances I transfer over to that card, which is a gift, esp. at Christmas or other periods of time I have difficulty making payments. Some have payment holidays if you have been regular in your payments. You should read your contract for details.
2006-08-05 18:22:40 · answer #4 · answered by Angela B 4 · 0⤊ 0⤋
Yes it is high! Credit card companies are always sending offers in the mail. Transfer the balance to a 0% introductory card.
2006-08-05 15:21:55 · answer #5 · answered by ruff1028 2 · 0⤊ 0⤋
That rate is crazy! If you pay your bills on time, you should not pay more than 10-12%. Check out www.bankrate.com and apply for a new card and transfer the balance!
2006-08-05 15:23:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Obama did not enhance rates of pastime. Your mastercard business corporation did that, and in case you do not think of it is honest, cancel your card. no person owes you credit. for some years, mastercard agencies have been regulated, and as because of Republican de-regulation they're allowed to enhance your pastime at any time for any reason. It grew to become into certainly one of Bush's first acts as president. Obama is pursuing regulation which will stay away from your pastimes fee from going up arbitrarily. yet needless to say Republicans are battling it enamel and nail. you could desire to be slightly extra pronounced of reason and result. Obama is president. yet credit enjoying cards have been de-regulated below Bush.
2016-11-03 23:34:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Call them and tell them you would like to cancel the card because the apr is to high. They'll want your buisness so they'll offer to lower it. My husband does that alot.
2006-08-05 15:23:16 · answer #8 · answered by redeyedtreefrog 3 · 0⤊ 0⤋
Don't spend more than you can afford to pay and then you don't have to worry about it.
2006-08-05 15:24:03 · answer #9 · answered by glamorte 1 · 0⤊ 0⤋