Want a Lower Interest Rate on my Credit Card Account
Guest: Vincetreking
Post subject: Want a Lower Interest Rate on my Credit Card Account
Posted: Wed Jun 14, 2006 2:31 pm
I'am under the impression that the credit card company are requried to offer a program to help pepole that have high rates.
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Guest: quiznut1
Credit Expert (100+ Posts)
Posted: Wed Jun 14, 2006 2:43 pm
Umm...you do have a right as a customer to call and ask for a lower rate with your credit card. Most of the time they will at least offer you a better rate than you have currently. My suggestion however would be to find a card that is 0% for a year or so on transferred balances and transfer all your debt on to that one card. You'll save a ton of interest this way.
Otherwise, the credit card companies have the right to charge whatever rate they want to. Why? They eliminated the usury law several years ago that capped interest rates banks could charge customers. The only major bank I can think of that is still under at least some regulation is Bank of America. Their headquarters are in Arizona, and the state law I believe is a jaw dropping 35.9%!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Brammy
Posted: Wed Jun 14, 2006 8:55 pm
[quote="quiznut1"] and the state law I believe is a jaw dropping 35.9%! [/quote]
Yikes and congress will do nothing. Trust me I've been lobbying
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: db619196
Posted: Thu Jun 15, 2006 9:35 am
I didn't know we have a right to a lower rate, but everytime my dad has called and threatened to cancel a card if the rate doesn't go lower, the companies have given him a much better rate. Of course, he has a pristine credit rating and has cards that have fixed low APRs so he has some negotiating room. I don't carry balances, so I don't have personal experience getting better rates.
David
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Want a Lower Interest Rate on my Credit Card Account
Posted: Wed Jun 14, 2006 2:31 pm
I'am under the impression that the credit card company are requried to offer a program to help pepole that have high rates.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: quiznut1
Credit Expert (100+ Posts)
Posted: Wed Jun 14, 2006 2:43 pm
Umm...you do have a right as a customer to call and ask for a lower rate with your credit card. Most of the time they will at least offer you a better rate than you have currently. My suggestion however would be to find a card that is 0% for a year or so on transferred balances and transfer all your debt on to that one card. You'll save a ton of interest this way.
Otherwise, the credit card companies have the right to charge whatever rate they want to. Why? They eliminated the usury law several years ago that capped interest rates banks could charge customers. The only major bank I can think of that is still under at least some regulation is Bank of America. Their headquarters are in Arizona, and the state law I believe is a jaw dropping 35.9%!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Brammy
Posted: Wed Jun 14, 2006 8:55 pm
[quote="quiznut1"] and the state law I believe is a jaw dropping 35.9%! [/quote]
Yikes and congress will do nothing. Trust me I've been lobbying
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: db619196
Posted: Thu Jun 15, 2006 9:35 am
I didn't know we have a right to a lower rate, but everytime my dad has called and threatened to cancel a card if the rate doesn't go lower, the companies have given him a much better rate. Of course, he has a pristine credit rating and has cards that have fixed low APRs so he has some negotiating room. I don't carry balances, so I don't have personal experience getting better rates.
David
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:55 AM
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