Credit Tips: How can I get a lower interest rate credit card?:
Written by carnold
Posted On: April 1, 2005
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Post subject: How can I get a lower interest rate credit card?
A. Watson
Date: 1/17/2001 0:28 am CDT
Hello,
I have been a MBNA card member for six years and it is the only credit card I have.I pay every month on time but the interest rate keeps increasing. It started out around 15 or 16 percent, now it can go as high as 20.5 percent. I received the card through the Golden Key Honor society. I have contacted both the honor society and MBNA to request lower rates and have been told by both to talk to the other organization.I last contacted MBNA over a month ago and I have received no reply. Can you offer any suggestions?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Ira Stoller
Date: 1/17/2001 10:13 am CDT
MBNA does a lot of vanity cards. It’s definitely MBNA which administers the card, sets the interest rate, etc. I would politely call their customer service and tell them that you are about to switch to a card with a lower interest rate but you wanted to see if there was anything they could do for you. Chances are they might suggest switching to another MBNA vanity card which has a special promotional rate in effect. I’ve done this about six times with them. It truly does not matter which card you have so long as you get the best possible deal offered.
If this doesn’t work, check into some of the card offerings listed elsewhere on this board, apply for one or more new cards, and once you get them, transfer your balance away from MBNA.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Curtis Arnold, a nationally recognized consumer educator and advocate, has been educating consumers about credit cards since 1998. Curtis is the author of "How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line" (FT Press, 2008). He is also the co-author of the upcoming Complete Idiot's Guide to Person-to-Person Lending (Alpha Books/Pengiun Group USA, April 2009), a contribitor to The Ultimate Allowance (InnerWealth Publishing, 2008) and is extensively featured in 42 RulesTM for Driving Success With Books (Super Star Press, January 2009).
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