Hi ,hope you can give me advice on this one?
I have had the same visa for years and looking for something better as i do paying alot of (apr ) interest.
I really haven't a clue about this sort of thing and any advice would be greatful.
I live in the uk
regards,
ja
2007-02-26 06:49:36 · 6 answers · asked by jaboom 2 in Business & Finance ➔ Credit
I live in the U.S. but I'll assume that credit cards work the same in the U.K. as they do here.
It would be highly unlikely that you'll find a zero% interest Visa anywhere. Some banks do offer introductory offers of very low interest rates for the first 6 months or year that you have the card. The then jack the rate up to a higher rate at the end of the introduction.
However, I called my Visa company and asked if they had a better card than the one I was using and they lowered my interest rate. I didn't change cards. They just gave me a better rate. I will say though that I always pay my Visa off at the end of the month so they really aren't getting much in the way of interest from me anyway. I just wanted the lower rate in case I ever needed to leave a balance on there for any length of time.
The way to lower the amount of interest you are paying is to lower your debt. Always pay MORE than the minimum payment. Credit cards are designed to make the bank money and that minimum payment is one of their biggest money makers. If you are only paying the minimum, they are making a ton off of you.
2007-02-26 07:14:35 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
Look at getting a 0% interest balance transfer. They are not a true 0% as there is now a balance transfer fee from 2-3%. moneysupermarket.com is a good website for comparison but I would look at the longest 0% period and watch out for the purchase rate as any balances paid off go against the lowest rate i.e 0%. e.g 6 months 0% with 2% balance transfer fee works out more like 4%.
2007-02-26 14:56:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
One approach that some people have had success with is to call the Visa people on the 800 number on back of your card. Tell them you have a good payment record and were considering switching to another credit card. Ask them if there is any reduction in interest rate that you can get so they can continue to keep your business.
2007-02-26 14:58:26 · answer #3 · answered by Rich Z 7 · 0⤊ 0⤋
JA,
open another credit card, a lot of them offer No or very low initial APR, transfer balance and close previous card if no need for it.
www.letsgobble.com
2007-02-26 15:02:25 · answer #4 · answered by chase11209 2 · 0⤊ 0⤋
Go to website www.motleyfool.co.uk.
They list all the best credit cards at zero percent.
I got a capital one card - 0% till next year.
2007-02-26 14:54:06 · answer #5 · answered by spiegy2000 6 · 0⤊ 0⤋
Try the link below. The guy is a genious and i love this site .. :)
2007-02-27 05:18:56 · answer #6 · answered by MynameisShirl 5 · 0⤊ 0⤋