Lately high interest on credit cards are pretty normal. Most all my clients I talk to have interest rates in the middle of 20-30%. Very rarely does person have a singular digit interest rate these days! The national mean for interest rates is in the middle of 14-16% right now. So if you are one of those population that do have an above mean rates, there are things you can do. To do this you will need to make some phone calls to your banks. Use your customer service number on the back of your credit card or credit card statement.
First things first, make sure to round up any new card offers you may have got in the mail recently. Also go your banks website to see what the current interest rates are on the credit card you currently have.
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Example: If you have a CitiBank Platinum select Credit Card your interest rates can be in the middle of 11.99%-21.99% based on your credit worthiness. So if you are sitting at a higher rate, you must have whether had a late payment, maxed out your credit line, have gone over the limit or maybe did a cash advance at some time. All these factors can trigger a higher than mean rate. If you have not had any of these factors before, you need to find out why you have such a high of interest and ask for something lower.
Call your customer service number and get a customer service representative on the line. Let the Csr know you checked out their website and you're above the interest rate rage quoted for your credit card. Then ask if there is a good interest rate ready for your account. Take anyone lower rate they give you for now. If the Csr cannot do any for you, let them know about your new credit card offers you received in the mail. Also, tell the Csr you are inspecting tantalizing the balance somewhere else if they cannot help if needed.
Still if all this fails, ask to speak with a supervisor. This is not to say anyone bad about the Csr, but to speak to person at a higher level. The supervisor can do things that a Csr cannot do. You may have your best luck this way. Repeat the same thing to the supervisor that you just did with the Csr.
Take anyone deal they give you for now. Even if they only drop it 1 point, take it! This is a beginning point for you and you can call back every month until you get it closer to where you would like it to be.
Tip1: Do not be afraid to move your balance somewhere else and do company with other bank. If your current bank is not meeting your needs, find person who will. You do not have to close any accounts; just move the balance to other bank. Take advantage of a 0% promotion offer to pay down list faster.
Tip2: If you do the balance replacement and pay off the high rate card completely, here is what you do! Call back your bank you have the high interest rate with once you get the next bank statement. The statement should show a .00 balance or close to it. Then call back the Csr and Supervisor if need to ask for a good rate. You tell them you want to use this credit card again "But", the interest rate is too high and higher than all your other cards. With your balance being paid off, you're in control now because you don't owe the bank anyone now. The bank generally wants your company and they do not make money from you with a paid off account. So they should do something for you at that time.
Now if your bank does not cooperate with you and your request, you might want to do company with person else. Do you positively want to stay with that bank anymore?
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