Credit Tips: What to Do About High Credit Card Interest Rate

Posted On: February 1, 2006

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Posted: Thu Jan 13, 2005 2:29 pm
Post subject: What to Do About High Credit Card Interest Rate

Sereena Minor
Date: 6/6/2000 5:55 pm CDT

I have a master card that I got back in October of 1999 with an interest
rate of 24.00%. It is now up to 25.74%. I have paid them on time and always
pay more than what my amount is for. Is this legal for the interest rate to
be so high and if so, how can I get them to lower the interest rate. It
seems to go up every two months.

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Posted: Thu Jan 13, 2005 2:30 pm
Post subject: What to Do About High Credit Card Interest Rate

Board Monitor
Date: 6/6/2000 5:59 pm CDT

Sereena,

Thanks for you recent inquiry! My only advice would be to try to get another card. Have you had serious credit problems in the past? If so, you can find a list of helpful resources/card ratings for individuals with poor credit histories by visiting our “Poor Credit” page. The address is…

http://www.cardratings.org/poor.html

All of the cards on this page have lower rates than your current card. Is your card unsecured or secured? You may be better of with a secured card if you have had problems with credit in the past (the rates/fees are usually much less). Also, out of curiousity, what is the name of this card?

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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Posted: Thu Jan 13, 2005 2:30 pm
Post subject: What to Do About High Credit Card Interest Rate

Kathi
Date: 7/20/2000 9:37 pm CDT

Sereena,

I just discovered this site and read your message. I am experiencing the same problem with my interest rate. Would your card possibly be with Household Bank? It is ridiculous, isn’t it? I have paid more than the minimum and in a timely manner and this is the reward I get? I plan to close it ASAP after receiving my statement today with an interest rate of 25.74% now.