I have read at multiple locations on the Internet that you can lower your interest rate only by asking the credit issuer. Monday morning, I will call my bank and ask for a lower rate.
Wish me luck and don't forget to subscribe to my blog,
Eric
Here is an article to give steps to reduce credit cards interest rate:
How to Reduce Credit Card Interest Rate After Universal Review
from wikiHow - The How to Manual That You Can Edit
The interest rate on your credit card can jumping from 5% to 29% even if you've never made a late payment. The credit card company can review the use some of your other credit accounts, and if they're highly utilized you rate can go up.
Here's what to do if your credit card lender conducts a universal review on you and you're negatively affected by their decision:
Steps
- Contact your lender immediately and determine why the lender feels you're a greater credit risk...and then fix it, if it's fixable. It could be as simple as giving them updated income information.
- If the lender's answers don't sit well with you, begin interviewing new lenders. Call and request credit card applications.
- After you have compiled your list and found a lender that will give you acceptable terms and rates, contact your original lender and tell them you are considering closing the account
Tips
- Lenders have lowered the bar on their ethics. It's up to us to read the fine print and play their game.
Warnings
- Before you begin this cat & mouse game, have a "Plan B" in place. Just make sure "Plan B" doesn't use the same or worse practices as your original lender.
Related wikiHows
- How to Choose a Debt Management Program
- How to Avoid Property Repossession
- How to Deal With Collection Agencies
Sources and Citations
Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Reduce Credit Card Interest Rate After Universal Review. All content on wikiHow can be shared under a Creative Commons license.
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