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Tag Archives: credit card interest

5 Tip to Negotiate a Lower Credit Card Interest Rate

Do you use credit cards? Personally, I try to avoid using them most of the time. I’ve found that it’s far too easy to pull it out and pay for everything. Plus, I’m somehow always end up spending more than I planned. But if you are like most people, including me, you do use one at least occasionally. Of course, if you use it often, it eventually catches up with you when the bill comes in the mail. If you aren’t able to pay it off in full each month, you may end up with high interest charges to pay each month on top of the cost of your purchases. But negotiating a lower credit card interest rate can help you get your purchases paid off without wasting as much money on interest. Here are some tips to help you negotiate a lower credit card interest rate. 1. Don’t Switch Cards Although it may be tempting to try to get a credit card from a different company and transfer the balance, it may not work to your advantage. Each time you apply to get a new credit card, the issuing credit card company does a hard inquiry to your credit ...

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Should You Transfer Debt to a Low Interest Credit Card?

When we were in the midst of paying off over $30,000 in credit card debt, one of the options we used was transferring high interest balances to lower interest credit cards. In fact, we sought out 0% balance transfer offers. While this strategy helped save hundreds of dollars in interest, you have to make sure that transferring your debt to lower interest credit cards is a smart move for your financial situation. Check Your Credit Score Even though we were swimming in debt, we always had high credit scores because we never missed payments. Because of our credit scores, we were eligible for all kinds of balance transfer options for new cards and for cards we already had. Believe it or not, we did have a few cards that did not have a balance, so those were the ones we chose to use. If you have good credit, offers will be plentiful, which is a big reason we got into so much debt in the first place.

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