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ChiKiigrl | How do I get my credit cards to lower their interest rates? |
my APR is anywhere between 23 & 28%. Very high!! But, I pay all my bills on time and always pay more than the minimum... is it because I have more debt than capital? Is there a plan where I can consolidate all of my store credit cards into one low-interest card without having to go to an outside company for help? |
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Eric B
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I would NOT recommend asking to talk to supervisor after supervisor or threatening to close your account without really knowing your own credit score and what behaviors originally drove the APR as high as it is.
If your balance is less than 30% of your overall credit line, your FICO is over 700, and your monthly payments are at least twice the minimum, you won't need a supervisor to lower your APR. The first associate you speak to will lower it.
If you don't meet that criteria, you need to find out where you stand with your credit first. Most credit card companies base repricing on your individual credit and how you have handled your account. Some companies will place your account at an escalated APR if you fall past due on the account (they are required to tell you what that could be in accordance with the Truth In Lending Act or they refer to it as Regulation Z). It was probably in the fine print on your terms and conditions. |
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brian t
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pay on time!!
Call and ask them to lower it, if they have anything they can do for you. Alot of companies wont lower unless you ask.
if you have a good standing of paying on time for a good measure of time they should lower it for you.
Or try to transfer your balance to one of the offers you get in the mail that has 0 or low intrest for the first 6 months. then after 6 months you'll transfer it to a new card with the same deal.
to beat the system, you have to play the system to your advantage |
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davem
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If you're credit is good and you pay your bills on time, give your credit card company a phone call (they have toll-free numbers printed on the bills) and request a lower rate. Tell them if you don't get it you'll be looking elsewhere for a better card. The competition is pretty fierce so it's doubtful they'd want to lose you.
Worked for me. One call lowered my rate from 18.8% to 9.8%. |
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elle
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Call them. Ask them to lower the rate! If they say no, keep talking,
say you will cancel the card. say you are going to put the balance on another card that has a lower rate.
ask to talk to a supervisor, and then their supervisor. tell them you pay on time, etc. and ask them to lower your rate. you will prob ahve to threaten to cancel the card (they Do Not want you to cancel...even if you are not going to cancel tell them that anyway)
I know people that have done this.
About consolidating, if you no longer want to use the store cards, you can go to your bank and try to get a debt consolidation loan. the rate will be much lower (maybe even under 11%) then pay the cards off (then cancel) and you will have one loan with a lower rate |
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bdancer222
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You can call your credit card company and ask for a lower APR, but don't be surprised if they say no. The best way to get the APR lowered is to tell them you are considering a offer for a much lower rate card and ask them to match the APR.
With the high APR you have, you probably have maxed out credit cards and probably won't get a better interest rate.
Instead of looking to shift that debt, work on paying off those credit cards. Make yourself a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next, till they are all paid in full.
You should look for ways to bring in more cash. Have a garage sale, collect alum cans, get a second job. Throw every penny at that debt. |
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delmoki
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Those are very high APRs! Since you pay your bills on time (and I'm assuming no delinquencies) the reason is probably a very high debt-to-available credit ratio which is lowering your FICO score. The way to change this ratio is to get some of this debt paid down. That's hard to do at such high interest rates.
The first thing you need to do, as others have suggested, is call your credit card companies and ask them to lower your interest rate. Don't be surprised if they say no, but they may also surprise you and say yes! If they say they can't at this time, try them again the following month. I have gotten all of mine lowered this way. I know some people suggest threatening to cancel the account, but this can backfire if they have nothing they are allowed to offer you and you don't want to really cancel the account.
While you are working really hard at paying down this debt and getting your rates lowered, be on the lookout for balance transfer options. Transfer as much of this as you can to a zero-balance card if you can get one. This will make paying down the balance go much faster. Keep an eye on the fees that go along with the balance tranfer offers. Some are good deals and some are not.
You could consolidate them all into one account, but I doubt anyone is going to offer you anything with a limit that high. Your best bet is to just keep diligent with the methods described above. It will take some time, but once you start getting your interest rates down you will notice the balances go down MUCH more quickly.
Good luck! |
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Manshu
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That rate is really high if you have been paying bills on time. You definitely need to see your credit report from https://www.annualcreditreport.com/cra/index.jsp
and see what is pulling your score down. |
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recycle b
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Call up each of the companies and simply ask them to reduce the rate. When you mention you will be going to another company their ears perk up and then they should lower your rate. |
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Edaphos
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They charge you a high interest rate because they know you will pay it.
Basically, if you carry a balance and pay a high interest on that balance, it's probably because you have no choice or don't know any better. Either way, there's no incentive for the credit card company to charge you any less.
To reduce your interest rate do the following:
1) Call all your issuers and ask what conditions they offer for balance transfers (what rate, for how low, what transfer fee).
2) Wait a week or two. Call them all again and tell them you're going to transfer your balance to another credit card unless they charge you less interest. Most will have you hold a couple of minutes and then come back on the phone and offer you a slightly lower rate.
3) Transfer all your balances. Try doing it so that the card with the highest rate has no balance. Don't max out any card since it might negatively affect your credit score.
4) Don't use the credit card with highest interest rate.
5) Wait a few months. Pay on time. Pay as much as you possibly can.
6) Call up that credit card company whose card you're not using and ask for a lower interest rate. Tell them you won't use your card until they do. Your rate should come down quite a bit now.
7) They'll probably have a good balance transfer offer for you. Take it. and pay off the card whose promotional balance transfer rate is about to expire or the card that now has the highest rate.
8) Repeat the process. Punish each credit card company at least once by not using it and then negotiate a lower rate. |
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Bianca S
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Call them and ask them to lower your APR. Their number should be on the back of your card. They will lower it for you if they say no ask to speak to their supervisor if they don't let you call back. Don't give up I had to call nine times before I spoke with a person that would get it lowered. Some people that work for credit card companies can be an ***. Keep calling. It can be lowered. Check your credit score because if you pay all of your bills on or before time you should NOT be paying as much as you are. Try creditreport.com If you see somethings not right or just want to get your score raised go to raisecredit.lexingtonlaw.com or call them at 1-800-608-8004 They are wonderful at removing negative marks or mistakes. They are affordable too $39/month they also offer a money back gurantee. They're known for their great work. |
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Healthy Environment
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