Getting a Premium Rate Of Interest From Your Credit Card Company
There is nothing as challenging as tackling huge credit card debts. It gets very overwhelming looking at the numerous bills coming in every month, all waiting for you to pay them off. The worst thing that makes the whole process seem like a losing battle is the nearly absurd high rates of interest that credit card companies are mandated to charge. For instance, if your credit card debt has an interest rate of above 15%, it goes without saying that a better part of your monthly remittance will go to the interest. This only means that there would be a very slow, gradual change in your balance, which is very disheartening. It gets even worse if you are using the card because your balance will always be pointing north.
It must have crossed your mind to wish to reduce that rate, to at least below 10%. This would mean much of your monthly remittance will go towards reducing the actual balance. If the interest rate could remain constant, and not be raised by the credit card companies every now and then, you may be on your way to completely clear your debt. Did you know that your credit card company can negotiate with you a rate that you would be comfortable with? It is always good to ask as most credit card companies will not tell you, but they offer services similar to those of credit consolidation companies.
Conversely, if a credit card company has extremely ridiculous rates, you may dump them and go to another ‘better’ offer. Considering the fact that competition in this business is very stiff, your credit card company would rather cut the rates than see you transfer your balance or debt somewhere else. After all, the company depends on how much you need them, and how willing you are to pay the transfer balance fees and interests.
If the interest rates are unbearable, call your credit card company and let them know exactly the way things are. That they would either give you a premium interest rate or see you walk away to another credit card company or another credit service. You will be surprised to find your credit card company has a tailor made program for you to maintain your business, but they wouldn’t have disclosed to you earlier. Be persistent and make the companies dance to your own tune and give you a rational interest rate.