APR rates on credit cards?
Answers:
There are a lot of ways to get a lower APR on your credit cards. First, I would call your credit card company to see if they will lower your APR, but it is possible that the bank who backs your card (or the specific card you have) has a minimum APR of 22%. If they will not lower your card APR, GET A DIFFERENT CREDIT CARD. Check out the "terms and conditions" of prospective credit credit cards to see what their rates are before you sign up. Only look for cards with no annual fees - there's no need for an annual fee on the vast majority of cards.
If you decide to get a different card, DO NOT CANCEL YOUR FIRST CARD. This is for two reasons: (1) a large portion of your credit score is based on your credit history, and if you cancel your old cards it will limit your history and negatively affect your score; and (2) if you have a large amount of unused credit, it shows lenders that you can handle your credit and it positively impacts your credit score.
Hope that helps.
Call them and try to negoiated the interest rate down. If they dont do it, just cancel the card. And then look for better offers. If you do indeed have excellent credit, you should be somewhere between 10-15% on your credit card.. at most.
You can call your credit card company and ask for a lower rate. Tell them you have been a good customer who pays on time and you would like a lower rate. If they won't do it then check around for another card.
Sure. Call your cc company and ask for a lower rate. Keep on until you speak with a supervisor and tell them that you have been on time, have good credit and want your rate dropped. Keep on eye on it because they might try to sneak it back up in 6 months.
When you say excellent credit score.. exactly what is your Fico Score? Is it over 700? The Fico Scoring model just changed recently and that has adversely affected many people. Do you pay your credit card payments a few days before the due date? Try instead paying your bill just a couple days after it billed, so that you're paying at the beginning of each cycle, rather than at the end. The computer will calculate your paying habits as a better customer. Also, paying more than the minimum helps the computer score your account higher. How long have you had the account? Also, credit card companies are now looking at how you pay all your balances, not just theirs. So if you pay one late or have poor habits with one card, it can affect all your accounts. If they see one account with a high balance, they can raise the rates on all your cards. If your debt to income ratio gets out of hand, they can raise your rate, even though you're still paying on time. make sure your DTI doesn't exceed 36%. And then finally you can call and ask them if they can lower it 6 mos. Remember they're reviewing habits. Sadly this is a poor time for consumers to negotiate lower interest rates, due to increasing consumer debt overall. With the recent changes to Bankruptcy laws, consumers can't charge off that debt so easily. Banks have much less to lose these days.
If it is a department store credit card, then that is their normal rates. If it is a regular card, they could have raised the rates because you have too many outstanding debts and revolving accounts. That was the case with me. I would recommend closing that account and finding another card with a lower rate, especially if you keep a balance daily. Or keep it open and open another card and transfer that amount to new card.
You can call them and see if they can lower it..
You can find a great list of lower APR credit cards here:
http://www.asapcreditcard.com/0-apr.html...
Before you apply for a new credit card, make sure you try and call your current credit card company and ask them to lower your rate. If you have a good reason (ie: higher credit score, increased income, etc.) they may be willing to negotiate. If not, you might want to apply for a new card and see if you're offered better terms.
Hope this helps. GOOD LUCK!
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