luckily my limit is only $1200 but is this a high rate for todays market? what is your interest rate? Should I try to negotiate for a lower rate? if so, what do I say? have you ever done this? ok enough questions, lol, any help is great, thanks.
2006-10-26 16:42:25 · 13 answers · asked by Candy C 2 in Business & Finance ➔ Credit
ok Im 22 yrs old and this is my first credit card ever. I got it when I was 18 and the intrest rate hasnt changed since. I pay more than my minimum payment every month but then i take it back off before my next payment so its been sitting at its max for over a year.
2006-10-26 17:33:20 · update #1
Cut it in half. I now survive by spending money I actually have, and at the end of the year I have saved thousands that the credit company would've had.
learn not to want everything now.
2006-10-26 16:57:56 · answer #1 · answered by SAINT G 5 · 0⤊ 0⤋
If you first received the card when you were only 18 and it only has a 1200 limit, honestly, I don't think that rate it too bad for a credit card company. You'll generally find rates in the lower teens to be about average these days. You can always shop for a different credit card and transfer the balance to the lower rate card. The crcd companies will never offer to lower your rate but they will offer to incease your credit limit regularly just because you're such a good paying customer. This, in turn, gives you more buying power, which they anticipate you will use therefore, giving them a larger return on interest. Let me make a suggestion to you. Your crcd balances should never be withing $500 of their limits. This does not suggest a controlled use of money which is where the term "maxed out" comes from. You may have better luck negotiating a rate too as that is viewed as not abusing your credit with maxed out cards.
2006-10-27 01:00:20 · answer #2 · answered by Abbi G 2 · 0⤊ 0⤋
At your age ,any mistakes you make now will cost you in the future. Make the credit card work for you instead of the other way around. Never buy anything if you don't have the money to pay it off in full. If you continue to pay the minimum payment you will never pay off the capital. The higher the balance the more the interest. At 19% you will be paying for a long time. Credit cards are a good thing to have if you know not to abuse them. Hope my advice helps.
2006-10-29 00:36:00 · answer #3 · answered by Demetrios 7 · 0⤊ 0⤋
There are no credit cards with a permanent "0%" interest rate; these are temporary teasers to get you to transfer balances or set up a new account. If you have a balance, then by all means, try to find one of these cards and pay if off during the promo period. However, if you use a charge card, such as American Express and pay if off every month......or for that matter, any credit card and pay off the balance every month, it doesn't matter what your interest rate is. It never is applied. (My credit cards vary from 14% up to 24% but I never worry about them because I pay them off each month.) Now that might not be possible right away in your situation. Then, take a look at credit card rates from bankrate.com and yahoo finance (look at credit card section) and find cards that have lower monthly finance rates than what you currently have. If you find one, before you open it up, call your current credit card company and say that you are planning to transfer your account balance to that card and close your account. I have a feeling that they might do something about your rate..........even if they don't you have the obvious option of doing just that. Good luck!
2006-10-26 23:53:04 · answer #4 · answered by MJ 4 · 0⤊ 0⤋
If you have bad credit then that's why your rates high! Improve your credit to get a lower rate. BUT...If you have decent credit you should ask for a lower rate. If you ask for a lower rate, explain that you've been a good customer and always made payments on time(if this is true). They should reduce your rate, or you can get a card with a 0% INTEREST AND do a balance transfer.
2006-10-26 23:46:43 · answer #5 · answered by no meat please 1 · 1⤊ 0⤋
it's hard to say if you are getting ripped off based on the information provided... if you have excellent or good credit, then you are getting ripped off and you should try to get your interest rate lowered... if your credit is considered fair or poor, then 19% is a pretty typical interest rate... many credit card companies charge even higher interest to people with fair or poor credit... and many companies have what's called a default APR, where if you make a late payment or go over your credit limit on any of your accounts, you will be charged a higher APR
2006-10-26 23:49:54 · answer #6 · answered by Stephanie73 6 · 0⤊ 0⤋
That's very high. Tell your company you'll close your account without a lower interest rate.
Also, do some research on the net; there's lots of companies that have much lower rates.
2006-10-26 23:50:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You know 19% of course it's not good but it could be worse like 22-25%,but Citi bank gives 12% so it depends on your bank try to negotiate wuth them but I don't think it will help,change your bank if you'll will use your credit card so often.
Good Luck
2006-10-26 23:49:53 · answer #8 · answered by Rokfeller T 1 · 0⤊ 0⤋
Yes you are. Try transferring the balance.
There are over a hundred cards to choose from and you can learn a bit about credit cards too:
http://www.expert-credit-advice.com/credit_card_expert.htm
2006-10-27 09:29:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes that is too high. You can call and ask them how to get a lower rate. I
did and they just gave me 11%. I was paying 19%.
2006-10-26 23:50:57 · answer #10 · answered by sunnymommy 4 · 0⤊ 0⤋