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5 Easy Steps to Lower Your Interest Rates
by Lisa Phillips
March 2008
by Lisa Phillips
March 2008
are changes in fees, interest rates and finance charges. Credit card companies make money by
racking up extra fees which sometimes just magically appear on your credit card statements.
Many of the extra charges come in the form of late fees. You may make a payment on the actual
due date and still incur a late fee. Some credit card issuers, especially retail credit cards, have a
due time. Their computers have a cut-off time for your payment to be processed.
Some of you may have encountered this problem and didn't realize what was occurring. More often
then not, the credit card company will make the adjustment and take the late fee off but only if you
make a call to the customer service department. They are hoping you will not notice or will just
accept the late fee without a fuss. Do not accept it. Make the call if this happens to you. It is an
unfair, deceptive practice.
Many credit card issuers also practice universal default which means they can raise your rates if
you fail to pay another bill on time, even a utility bill. You may be making timely payments with that
particular credit card company but late payments on other obligations can be an excuse for your
credit card company to raise your interest rate.
Consumers are often unaware they have been a victim of universal default because the credit card
company does not have to warn you. In this case, you really do need to negotiate a lower interest
rate. When the universal default clause is activated, your interest rates can be raised to as much
as 35%. You may have been an exemplary customer for several years, with no previous late
payments but still be subject to the universal default clause. Read more about universal default.
NEXT: Research the Competition CONTINUED 1 2 3
racking up extra fees which sometimes just magically appear on your credit card statements.
Many of the extra charges come in the form of late fees. You may make a payment on the actual
due date and still incur a late fee. Some credit card issuers, especially retail credit cards, have a
due time. Their computers have a cut-off time for your payment to be processed.
Some of you may have encountered this problem and didn't realize what was occurring. More often
then not, the credit card company will make the adjustment and take the late fee off but only if you
make a call to the customer service department. They are hoping you will not notice or will just
accept the late fee without a fuss. Do not accept it. Make the call if this happens to you. It is an
unfair, deceptive practice.
Many credit card issuers also practice universal default which means they can raise your rates if
you fail to pay another bill on time, even a utility bill. You may be making timely payments with that
particular credit card company but late payments on other obligations can be an excuse for your
credit card company to raise your interest rate.
Consumers are often unaware they have been a victim of universal default because the credit card
company does not have to warn you. In this case, you really do need to negotiate a lower interest
rate. When the universal default clause is activated, your interest rates can be raised to as much
as 35%. You may have been an exemplary customer for several years, with no previous late
payments but still be subject to the universal default clause. Read more about universal default.
NEXT: Research the Competition CONTINUED 1 2 3
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Lowering your credit card interest rates could save you hundreds, if not thousands of dollars. The
lower your interest rates, the more money you save. Call your credit card company and request a
lower rate. Some consumers are intimidated by the thought of requesting a lower interest rate
and never even try. Do not become one of those consumers.
lower your interest rates, the more money you save. Call your credit card company and request a
lower rate. Some consumers are intimidated by the thought of requesting a lower interest rate
and never even try. Do not become one of those consumers.
You would be surprised at the positive results.
Banks have got to start competing for your
business and not take loyal consumers for
granted. Your chances of lowering your credit card
interest rates are very good if you have been a
customer for some time, you are not at your credit
limit and you have been making timely payments.
(1) Review your credit card statements
Review all of your credit card statements. The first
item you should take note of is the annual
percentage rate you are paying on those credit
cards. You should also note late, over-limit or any
other extra fees. What you want to look for
Banks have got to start competing for your
business and not take loyal consumers for
granted. Your chances of lowering your credit card
interest rates are very good if you have been a
customer for some time, you are not at your credit
limit and you have been making timely payments.
(1) Review your credit card statements
Review all of your credit card statements. The first
item you should take note of is the annual
percentage rate you are paying on those credit
cards. You should also note late, over-limit or any
other extra fees. What you want to look for
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