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Want Lower
Credit Card Interest?
This just in: there may be a way to get lower credit card interest,
a way so stunningly simple, so startlingly brilliant, it's no wonder
the financial wizards didn't think of it sooner. Now lean in close
and listen up, because this stellar method for getting lower credit
card interest will knock your socks off. Are you ready? Here it is:
Ask.
What do you mean, a one word reply is cheating? Okay, try this: if
you want lower credit card interest, ask for it. Seriously. Call
your credit card company and ask if they can give you a lower
interest rate. 7 or 8 times out of ten, they'll actually give it to
you. Credit card companies need their customers, especially their good
ones, to keep them in business. And if it comes to a choice between
making a little less profit or making none at all--many credit card
companies will choose the latter, giving you lower credit card
interest rather than risk losing you to another company who will.
Of course, there are things to keep in mind. (Aren't there always?)
Long time customers who pay when they're supposed to and don't give
the credit card companies any hassles are more likely to get their
interest rates cut, and cut lower, just for the asking, than someone
who regularly pays only the minimum, or misses payments altogether,
or is constantly calling to complain about some aspect of their
bill. But in general, especially if you're a good customer that they
want to hang on to, just ask, and ye shall recieve.
If you're prepared to switch credit card companies if they don't
give you a better rate, your chances improve drastically. Don't make
the threat unless you actually plan to go through with it--but if
you had been thinking about changing companies to get a lower credit
card interest rate, anyway, why not call the company you're with and
see if they're willing to match--or even beat--the company you're
thinking of switching to?
For people who are used to paying an interest
rate on their credit cards, they may be surprised to find out there
really is such a thing as a 0 credit card interest rate. However,
there is in fact such a thing, and the truth is that they may be
able to enjoy that perk without ever changing from their current
credit card providers.
Many credit cards are issued without any type of
annual fee assessed. In place of that annual fee, there is an
interest rate structure that is in place. Typically, the interest
rate is applied to any outstanding balance on the card over thirty
days. In the event of failure to make payments on time, the card
issuer may invoke a higher interest rate. The expectation is that
people will in fact not pay off their cards every month, and
therefore will be accessed some interest on the outstanding balance.
So, if you want a 0 credit card interest rate, what you do is pay
off your cards on time every billing cycle. With no outstanding
balance to calculate interest on, you end up with a 0 credit card
interest rate.
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