When trying to tackle your credit card debt, be sure to call your credit card company and ask for a lower rate. Tell them that you are shopping for a better interest rate and wanted to see what they had to offer first. They will often try to work with you to retain you as a customer.
I have done this as well. For the most part the did lower the rate. Sometimes they did, sometimes they didn't. Not that big of a deal since I pay off my cards each month, but love anything that can help my credit rating.
I did this today and got my rate decrease by 9%. They also changed it from a variable rate to a fixed rate, with no fees (I didn't have any before) and it's not promotional, so it'll stay that way. That was worth the 45 mins of boring hold music!
Call all of your credit card companies and ask them to lower the interest rate (only if you are in good standing with them, of course.) Usually, they will. It can save you lots of money in the long run.
Actually, once each year I will call up each Credit Card company, starting with the one with the worst terms, and tell them I want to cancel. This almost always results in a lower interest rate, or other special offer to continue my membership. But if they don't, then I cancel my account. It works very well.
I decided to try this out the other day. Figured it couldn't hurt. So I called and said "Why haven't you offered us a lower interest rate? We pay off the card every month and you keep adding credit but haven't dropped the rate." So being cornered they dropped it two points to 9 percent. I should mention I have an awesome bank that has never charged an annual fee or a late fee if you call them and let them know what's happening. And they never raise your rate from the original APR. But it still feels good to get something cheaper. Well look who I'm telling! You're all with me on THAT one ;)
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