How do you lower your credit card rates (VISA or Mastercard, etc.) from 18.9% to 10.9% (an 8% drop) or 19.5% to 11.5% (also an 8% drop)?
Well, from this CBC experiment (with video) with some random credit card holders in a shopping mall, all you need to ask!!!
It may not work for every credit card companies or for everyone but if you have a high credit card balance paying 19.5% interest, it certainly worth your 5 minutes to give each of your credit companies a call. Many people have more than one credit cards, I say try them all and simply go with the one that gives you a good deal.
Looking back, and I knew it then already, talking myself out of paying the small amount of VISA card interest was peanuts compare to a whopping 8% drop in interest charged!
Watch CBC news report (with video) and then give your credit company a call and see if you get a interest rate cut. Please share your stories in the comments section here to help the others. I love to see how many people get a rate cut.
P.S. If you have a particular credit card for a while (i.e. have a history with them) and you have a balance (own them money and pay them 19.5% interest) often or at least once in a while, you are a GREAT customer to them and they will want to keep you. :)
P.P.S. I am NOT in the credit consolidation business. But if you hold a really large credit card balance, you should seriously talk to your bank and get a loan to drastically cut down on the interest you have to pay.
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