Lower rate on my Credit Card?

Question

Any advice on getting a lower rate on my hight interest credit card?

Here's the deal. I have two credit cards. One with a 9.9% rate and one with an 18.5% rate. The 9.9% card has a balance of about $2,000, and the 18.5% has a balance of $0 (I had at one point $2,500 balance but sice paid it off because I refuse to pay 18.5% on purchases). My only other debt is what I owe on my truck (about $9,000). I make over $30,000. I have NEVER missed or even been late on making a payment. My credit score is 720.

I want to get the 18.5% rate reduced and have called multiple times but they "cannot offer me anything" or they say that I am not eligible because of my credit situation. I do not want to dump that account because I have had it for a few years.

Any advice?

Because my other credit card is 9.9%, I do not believe them when they say that that 18.5% is the best they can possibly do.

Answer 1

HI,
I work in a bank and if your bank values you they will try to retain you.

Tell them you wish to cancel the account if they value you as a customer they will transfer you to what they call client retention department. They will ask you why you are cancelling them and you will tell them about your other card. If necesary fax them a copy of your other credit card statement.
If they still insist they cant better the interest go ahead and cancel there are many competitive rates out there who will work for your buck. By an issue of money magazine i believe they keep track of the lowest rate credit cards in the market.

WARNING: You dont have much credit according to your statement so cancelliing this card might lower your credit rating specially if it is your oldest account. if this is the case just get another credit card and dont cancel this one. have it open but just dont use it

Answer 2

Read the fine print. How long will the 11.5% last and if you are late (even a day) does the rate jump. If so, how high does it get. Yes, the rate affects the minimum payment. Also, is there a fee to transfer the balances? How close to the limit will you be if you put both cards on the 11.5%. Make sure you are not maxed out where any small amount charged would put you over the limit and have fees charged to the account. People will say stick to the cards you have b/c a history with an account is good on the credit rating, but 18.5% down to 11.5% is a good jump and if the promotional period is for any length of time, could be a good thing. Find out what the rate goes to after the promotional period. Sometimes the promo is only a few months and then it jumps to an outrageous amount..... always read the fine print.

Answer 3

I noticed the screen name (SGT G). Are you in the Active Duty Military or currently in the Mobilized Reserves or National Guard? If so then you most definately qualify for the Soldiers and Saliors Relief Act to be applied to your account, which will give you a 6% interest rate while you are on Active Duty. The credit card companies and banks won't tell you about this, and some will even go as far as to deny even honoring it. To obtain a copy of this letter, visit your local Jag office. Once this is done, just ask for the creditor's fax number and fax it right over to them. If you have any problems with them applying the new interest rate, just go back to your Jag office and have them call the creditor. They have to honor it while you are on Active Duty.

Answer 4

If you carry a balance over from month to month, you need to look for the lowest rate interest card available. Some cards charge high rates of 18% and upwards per annum, others charge less than 10% per annum. The interest rate makes a huge difference to the monthly minimum repayment amounts and also the ease at which you can pay down debt. A low interest rate is more important than a rewards program if you are carrying debt.

"I only use a credit card occasionally and normally pay it off each month" If you are a light credit card user and tend to pay it off in full each month then the most important factors to consider will be the cards annual fee and the number of interest free days on purchases. Many credit card issuers have cards with no annual fees. They tend to offer less in the way of rewards schemes but as a light user you are unlikely to benefit from such schemes. Look for cards with a low or no annual fee offering instant rewards and discounts. These are partner offers that can be used at any time without accumulating points.

"I buy most things with my credit card and then to pay if off each month" If you do most of your spending via your credit card and tend to pay it off each month then you may benefit from a credit card offering a rewards scheme. Often rewards credit cards have higher interest rates or annual fees than other types of credit cards. However, interest rates are not important so long you pay the bill each month and the rewards could well exceed the card fee. Frequent flyer credit cards are the most popular type of reward card. A spend of around $2000 per month can earn the equivalent of 4 short haul return flights per year with many airlines. Get more information about lowest rate credit card at:http://www.credit-card-gallery.com/lowest_credit_card_rates.html

Answer 5

Shop around and find a new card that has free balance transfers. You may be able to transfer the 9.9% balance and save even more. Call the 18% card company and tell them you want to close the account. If they play hardball then close the account and enjoy your two other cards!

Answer 6

Do not listen to people who tell you just to close your account. You can threaten to do so and usually they will do anything to keep you as a customer. But if they don't lower your rate, don't close your account. It hurts your credit score. Maybe you should concentrate on paying more to that card every month until you pay it off. All the people I know with good credit never close accounts. They just don't use their cards. Good luck.

Answer 7

I've heard that you can request a lower rate. If not, just speak to the manager. This is hear say.

Answer 8

Your CREDIT score means zilch. You must have a FICO score. That is the one you must pay to get.

http://msxml.excite.com/info.xcite/search/web/fico%2Bscore

Answer 9

try AMEX