How to Avoid High Credit Card Interest Rates
Many cardholders are, no doubt, experiencing high credit card interest rates simply because the industry itself is going through some hard time.
While it is true that card companies have the right to increase credit card rates for any reason, customers with good credit are suffering from relatively high rates.
So what can cardholders do to avoid staggering interest rates? Consider these simple tips how: Tip 1: The most important thing you need to do is to determine the precise due dates of your payments each month.
Note that one day of late payment will result in added costs so if you will be unable to pay on time, it is best to call your card company in advance to request for a time extension.
Additionally, make an effort to stay within your credit limit because going over the limit will result to credit card interest rates penalty.
Tip 2: Check for the cards' terms and conditions and watch out for phrases such as "no lower than" about APR.
If you find this phrase on your card's fine print, then the credit card rates will not go below that number but it will certainly go higher.
Tip 3: If you discover that your credit interest rates has ballooned to unimaginable heights for no reason whatsoever, contact your card company to determine the cause of it.
One of the most common reasons for this may be penalties for late payments.
It is also possible to negotiate lower credit card interest rates with your card company if you have a great record in the past.
However, if the company refuse to drop the rates immediately, you need to ask how long you will need to pay on time before the rates go back to what it was before.
If the company says, it will take more than 12 months before the rates goes back to normal, it is best to look for cards from other companies.
Regardless of the fact that delinquencies and defaults are rising in number, all card companies are willing to do business with you, particularly if you have an excellent track record in the past.
Never hesitate to show your card company that you mean business and you are determine to get exactly the kind of service you deserve.
It is only natural that you look after your own interest and you want to find a company that treats you like the valued customer that you are.
While it is true that card companies have the right to increase credit card rates for any reason, customers with good credit are suffering from relatively high rates.
So what can cardholders do to avoid staggering interest rates? Consider these simple tips how: Tip 1: The most important thing you need to do is to determine the precise due dates of your payments each month.
Note that one day of late payment will result in added costs so if you will be unable to pay on time, it is best to call your card company in advance to request for a time extension.
Additionally, make an effort to stay within your credit limit because going over the limit will result to credit card interest rates penalty.
Tip 2: Check for the cards' terms and conditions and watch out for phrases such as "no lower than" about APR.
If you find this phrase on your card's fine print, then the credit card rates will not go below that number but it will certainly go higher.
Tip 3: If you discover that your credit interest rates has ballooned to unimaginable heights for no reason whatsoever, contact your card company to determine the cause of it.
One of the most common reasons for this may be penalties for late payments.
It is also possible to negotiate lower credit card interest rates with your card company if you have a great record in the past.
However, if the company refuse to drop the rates immediately, you need to ask how long you will need to pay on time before the rates go back to what it was before.
If the company says, it will take more than 12 months before the rates goes back to normal, it is best to look for cards from other companies.
Regardless of the fact that delinquencies and defaults are rising in number, all card companies are willing to do business with you, particularly if you have an excellent track record in the past.
Never hesitate to show your card company that you mean business and you are determine to get exactly the kind of service you deserve.
It is only natural that you look after your own interest and you want to find a company that treats you like the valued customer that you are.
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