Lower Your Credit Card Interest Rates
by Lisa Phillips
March 2008
by Lisa Phillips
March 2008
(1) Review your credit card statements
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increase your credit score.
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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 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.
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 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.
Many consumers are not even aware 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.
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.
Many consumers are not even aware 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.
Credit Card Offers for Average Credit
 | Orchard Bank Classic MasterCards | |
| Capital One Card Lab | |
| Tribute MasterCard Gold | |
| Capital One® No Hassle Cash Rewards | |
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