To save money with credit cards, shop around for rewards credit cards with no fees. Trust me, they want your business; if you look around you'll find cards with no fees. Interest rates may be higher, but be smart: pay off everything in full every month and don't pay those ridiculously high interest fees. The most expensive things you'll buy (if you don't pay off the balance each month) are far more costly than your original bill. Bear in mind, credit card companies rely on you not being able to make full payments. That's how they earn their money.
Keep the habit of paying off the total bill each month and you'll not only earn rewards but also improve your credit rating.
Don't spend more than you can afford!
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I recently received my credit card bill and was happy to see my cash back amount earned was $120.00, which I called and had them apply to my bill. We only use one credit card and charge everything we purchase in a month.
I use my Citicard "Platinum Select Card" to buy gasoline. You save 5% of cost (about 15 cents/ gal.). It adds up . . .
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.
This is how we turn the painful gas prices into a rewarding experience. If you don't already have a credit card that has rewards, research card companies that have great rewards.
The scenario is familiar. At the check out counter of the local department store, the clerk asks if you would like to apply for the store's credit card. As a reward for signing, you receive an instant discount in the amount of 10% or even 15%. Do you sign on?
Looking for a way to earn money? Apply for a credit card with an introductory rate of 0% interest for 12 months when you use the credit card checks....
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I'm thinking about closing a credit card account because the creditor does not want to lower my APR. I've had the card almost 2 year and pay on time faithfully. But if I cancel will the APR continually accumulate on the balance or would it be whatever is left at the time of cancellation? Also, the credit card is through my bank. Do you think they'll make me close out my checking accounts with them?
What you may think, what other people may respond with and how the credit card co. responds will be three different answers. I would suggest you call the credit card company and get their answer which I believe would be the more accurate. I am sure any balance you have will continue to have interest charged to it. You could also call your bank and speak someone who deals with credit cards.
Thank you for your input. I will do some calling around.
Look around online for a reputable credit card that has a great introductory rate and a better rate than you are getting now for the long run. Frequently they have no-fee balance transfers. Transfer the balance you have to the new card and then close the old one.
You are not required to have a credit card to have checking and savings accounts (they still make money off of any balance you keep with them). However make sure you keep whatever minimum balance is required so you don't pay big fees.
Meanwhile, do everything you possibly can to pay down your credit card balance as quickly as possible. You are NOT saving money by buying anything on sale if you are putting it on a credit card. Ideally, you should be able to pay off your credit card in full each month and use the card simply because it provides for faster checkout,returns of merchandise, and perks through whatever points program they offer
Definitely talk to your credit card company. A friend of mine was able to persuade her own credit card company to giv her a 6-month moratorium on interest, essentially a promotional rate. Since my case with my own credit card company wasn't nearly as strong, I couldn't get the same deal. If you're in a position of strength, ask for a break, especially if you're cancelling the card anyway. Be aware, though, that unless you can qualify for a break, your card will continue to accrue interest until it's paid in full. Pay as much as you can, as quickly as you can, and cut up the thing when it's paid off - and don't forget to specify *in writing* that you want the account closed.
I know long time ago it was a good thing to CLOSE an credit card account but now they say it can hurt your credit report and credit score in the long run. You can go to www.clarkhoward.com website. He is a consumer guru from Atlanta Ga but you can pick him up on radio all over the country. He says to pay it off and every so often charge something on it to help your credit score. You could also say you got an offer from somewhere else and see if they will match it.
Try asking for a cut in the interest rate at different times-what does nt work at 4 pm sometimes works at 2 am-it s just getting the right person-persistance.
Be sure to read any terms and conditions or the fine print; my last credit card disclosure stated in the fine print that if I do not agree, they can close your account. I usually do call and ask nicely if there is a way of lowering my apr; and in most case they will if you are a good user.
I can't answer your question about rates going up on a closed account, but if you are attempting to build your credit, don't close the account unless you have to.
Closed credit card accounts lower your credit score. They say it lowers the amount of money you have access to. This information came from creditcheck online which reports your credit information from all three of the major credit agencies--Experian, Equifax, and the third one.
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