close

Privacy guaranteed - Your email is not shared with anyone.

How to lower CC interest?

Discussion in 'The Okie Corral' started by iweb, Jan 11, 2010.

  1. iweb

    iweb

    Messages:
    219
    Likes Received:
    0
    Joined:
    Jul 9, 2001
    Location:
    S. Nevada. USA
    Anyone know how to lower credit card interest? I have a B of A card at 30% and another at 28% so I want to lower them and is there a way to get a discount to pay them off?

    Just retired and took over bills, had no idea we had these for years so yes my fault so don't need to hear that.
     
  2. PHXOD1

    PHXOD1

    Messages:
    18
    Likes Received:
    0
    Joined:
    Aug 14, 2009
    Would you be able to apply/get accepted for another card? I am thinking that maybe you can find a card with a low intro rate, then a reasonable rate after that.
    Maybe a credit union near you? A credit union may want you to have an account with them first though.
     

  3. Gallium

    Gallium CLM

    Messages:
    28,685
    Likes Received:
    17
    Joined:
    Mar 26, 2003
    Call them and ask. If you have any decent (6-12 month) history of on time payments, they make oblige you.

    'Drew
     
  4. vafish

    vafish

    Messages:
    16,650
    Likes Received:
    143
    Joined:
    Mar 21, 2003
    Location:
    Commonwealth of Virginia
    Couple of options,

    1. Call them and ask.

    2. Find another card that lets you transfer a balance to a lower rate.

    3. Take out another loan, at a lower interest rate, to pay off the credit cards. Be very careful with this option. I've seen co-workers do this and then just run the credit cards back up to their limit and end up with a loan and the credit cards maxed out at a high interest rate.
     
  5. iweb

    iweb

    Messages:
    219
    Likes Received:
    0
    Joined:
    Jul 9, 2001
    Location:
    S. Nevada. USA
    I am going to call them, just looking for some insider info on what to say to get the interest lowered or the balance lowered to pay it off. If they won't lower anything then I will pay it off and cut up the card.
     
  6. Gallium

    Gallium CLM

    Messages:
    28,685
    Likes Received:
    17
    Joined:
    Mar 26, 2003
    iweb,

    If you have been making timely payments and have not been late, just call and ask for a interest rate reduction. Things not to do...

    1. Lose your cool.
    2. Be defensive
    3. Tell them you are planning to or going to close the account.

    No matter what happens, if you care about your credit score (I don't), like you said, pay it down/off, cut up the card, and leave the account open.

    Good luck.

    'Drew
     
  7. JuneyBooney

    JuneyBooney

    Messages:
    18,216
    Likes Received:
    4
    Joined:
    Feb 25, 2009
    Location:
    Northern Virginia
    Check with a credit union if you are a member and get a new card at lower rates. My gas cards were 23-29 percent and I now paid thm off because those rates are like loan sharks.

    If you call the car company and tell them you would like to pay 50 percent on the card as a settlement because your son/daughter used the card without your permission they should help you out. You can even tell them you don't mind if the card stays open. You don't even need to have a child but it sure sounds better than blaming it on your dog. :supergrin:
     
  8. recycooler

    recycooler 9-11-2001

    Messages:
    490
    Likes Received:
    0
    Joined:
    Apr 30, 2009
    Location:
    Minnesota
    Go the next step after you have secured a way to pay them off , call them tell them you are cancelling the cards and want a written verification sent to you that they are cancelled.One this takes the card off your credit record and the number cant be stolen as opposed to just cutting them up.They will almost beg you to stay offering many things to you,be firm and say no.
     
  9. TurboRocket

    TurboRocket

    Messages:
    2,342
    Likes Received:
    9
    Joined:
    Aug 7, 2001
    Location:
    South of Utopia
    CC companies generally lump everyone into one of three categories:

    1) We don't care about you, so we won't budge not matter what you say.
    - poor payment history
    - never uses the card
    - uses the card for small purchases but pays it off every month

    2) We care about you somewhat, so we would be willing to listen.
    - good pay history
    - moderate balance carried
    - consistently uses credit

    3) We care about you a lot, so we will make any reasonable accommodations
    - great pay history
    - carries high balance but manageable balance
    - high credit limit with decent amount of unused utilization

    Figure out which category you fall in, and go in with the right expectations. Alternatively, go with a credit union or a local bank if you can.
     
  10. iweb

    iweb

    Messages:
    219
    Likes Received:
    0
    Joined:
    Jul 9, 2001
    Location:
    S. Nevada. USA
    Thanks for the info, I can pay off the two highest and will give them a call and see if they will discount for pay off, if not oh well cause I am not going to pay them even close to 30% interest.
     
  11. buckhunter3987

    buckhunter3987

    Messages:
    2,284
    Likes Received:
    2
    Joined:
    Nov 2, 2004
    Location:
    Jawja
    Being a gun forum I thought the subject was " how to lower conceald carry interest" and thought WTF why would you want to do that??? HAHA

    I have no CC and really have no info to help ya. Sorry.

    Carry on :wavey:
     
  12. InfoSec Guy

    InfoSec Guy

    Messages:
    32
    Likes Received:
    0
    Joined:
    Sep 15, 2009
    Location:
    Columbia MD
  13. NWoutdoor

    NWoutdoor

    Messages:
    79
    Likes Received:
    0
    Joined:
    Jan 14, 2010
    BoA are scam artists... go to a credit union.
    Avoid giant monster mega banks at all costs...
     
  14. flatag

    flatag Must have tacos

    Messages:
    369
    Likes Received:
    3
    Joined:
    Oct 3, 2009
    Location:
    N.E. Florida
    BOA is the devil and couldn't care less about you. They won't drop your interest rate even if you were starving to death.

    If you can't pay them off then buy them out and cut up the cards.

    Did I mention I hate BOA?
     
  15. Hines57

    Hines57 Simple Member

    Messages:
    6,317
    Likes Received:
    2,150
    Joined:
    Jan 17, 2001
    Location:
    On the road
    Chase raised mine from 7.99% to 24.99% over the summer. I had a $15k limit, carried about $3k balance on average. Never had a late payment. Close to an 800 credit score. I think last year I used the card for about $20k total. They had no explanation on why it was raised and they showed no interest in trying to lower it to a reasonable rate. So now I am going to have to shop around for another card.
     
  16. harlenm

    harlenm Millennium Member

    Messages:
    9,850
    Likes Received:
    922
    Joined:
    Jul 20, 1999
    Location:
    CT
    There is another category. Uses the card a lot($4k-$6k every month), but pays the balance off each month, and enjoys the cash back award every year for around $700.
     
  17. Rinspeed

    Rinspeed JAFO

    Messages:
    11,428
    Likes Received:
    2,051
    Joined:
    Feb 28, 2001
    Location:
    NY
    I call them once a year but I don't ask them to lower the rate I tell them either they lower it or I'm cutting the card in half. Most of the time it works but you have to make all the payments on time.