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Ask For a Lower Credit Card Interest Rate?
A major consumer group conducted a study to find out how easy it is to get a lower credit card interest rate. Fifty-seven percent (57%) of those who simply telephoned their credit card company and asked for a lower interest rate got one instantly. This rate was anywhere from 7 to 10 points lower than their current credit card interest rate.
Getting your credit card interest rate lowered depends on various factors. They are more willing to say "yes" if you meet most or all of the following conditions:
(1) You have a good credit rating -- meaning no late pay notations on your credit report and a good credit score;
(2) You do not have a high debt-to-income ratio and you do not carry a big balance on your credit card;
(3) You do not send in just the minimum payment required each month;
(4) You have an excellent payment record with that particular creditor;
(5) The credit card is not one that is categorized as "sub-prime", meaning it is not a secured credit card or one marketed exclusively to those with bad credit. continued >>
Credit Card Calculators
Minimum Payment Calculator -- Find out how much interest you will pay and how many years it will take you to pay off your credit card debt if you only make the minimum monthly payment each month.
Credit Card Principal / Interest Calculator -- how much of your current credit card payment is being applied to the principal balance and how much is pure interest.
Credit Cards: Fixed vs. Minimum Payment Calculator -- How much interest can you save if you start making fixed payments on your credit card rather than the minimum payment.
Accelerated Debt Payoff Calculator -- Find out how much time and money you can save by paying off your debts as quickly as possible. Print out an individualized payment schedule and payoff summary based on your current debts.
Average Interest Rate on All Debts -- Find out what your average interest rate on up to 15 of your debts.
Debt Consolidation Calculator -- Find out if you could save if you consolidated all of your debts into a home equity or personal loan and how much quicker you could get out of debt.
Debt Payoff Goal Calculator -- Compute how much you will need to pay each month in order to pay off a given debt by a selected payoff-goal date.
Debt Investment Calculator -- Compute how much interest you will save by adding an additional principal payment to the next regularly scheduled payment on any given debt.
Debt Ratio Calculator -- Find out if your debt ratio exceeds the amount recommended by financial experts.
