Thursday, December 20, 2007
Today's Tip: Negotiate a Lower Rate with Your Credit
Card Company
Sticking with our weekly theme of credit cards, and how to use them effectively, there
comes a time in which it is necessary to make sure that you are paying a favorable rate. Do
you ever get those letters in the mail from your credit card company that is just an update
to the card's basic terms? If you are like most Americans, you immediately throw it away
without giving it any thought. Well, when you throw this letter away, most often you are
throwing away your current interest rate. Many card providers use the change in terms to
change the terms of your interest rate either directly or at a future date given one missed
payment.
Never forget that credit card companies are just that...companies. Like all major
corporations, they exist as a for-profit entity. They are in business to make money! And
also, like most corporations, they do care for the consumer. I know what you're thinking,
but it's true. Deep down, they do care, and they value your business. This is the one tenet
that you must remember when negotiating a potentially lower interest rate with them.
If you have a credit card that has any formidable balance on it (i.e. any balance which
exceeds one month's worth of gross income), then you owe it to yourself to contact your
card provider directly and request a lower interest rate. The credit card company doesn't
want a customer who has a significant balance to just walk out the door. Remember our
tip from December 18, 2007? If you just pay the minimum, you pay forever! Why would
a card servicer want to lose the potential of easy flowing interest income? With this in
mind, call the company and request a lower interest rate. Threaten that you have received
an offer of six-months 0% promotional financing. Heck, with all the credit card fliers, it's
probably true! If they aren't able to lower your rate, maybe now is the time to consider one
of those other offers?
If you missed any of the tips, you can review them at left. If you have comments on this
or any tip or suggestions for a daily budget tip, email them to suggestion@myfinpro.com.
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
Card Company
Sticking with our weekly theme of credit cards, and how to use them effectively, there
comes a time in which it is necessary to make sure that you are paying a favorable rate. Do
you ever get those letters in the mail from your credit card company that is just an update
to the card's basic terms? If you are like most Americans, you immediately throw it away
without giving it any thought. Well, when you throw this letter away, most often you are
throwing away your current interest rate. Many card providers use the change in terms to
change the terms of your interest rate either directly or at a future date given one missed
payment.
Never forget that credit card companies are just that...companies. Like all major
corporations, they exist as a for-profit entity. They are in business to make money! And
also, like most corporations, they do care for the consumer. I know what you're thinking,
but it's true. Deep down, they do care, and they value your business. This is the one tenet
that you must remember when negotiating a potentially lower interest rate with them.
If you have a credit card that has any formidable balance on it (i.e. any balance which
exceeds one month's worth of gross income), then you owe it to yourself to contact your
card provider directly and request a lower interest rate. The credit card company doesn't
want a customer who has a significant balance to just walk out the door. Remember our
tip from December 18, 2007? If you just pay the minimum, you pay forever! Why would
a card servicer want to lose the potential of easy flowing interest income? With this in
mind, call the company and request a lower interest rate. Threaten that you have received
an offer of six-months 0% promotional financing. Heck, with all the credit card fliers, it's
probably true! If they aren't able to lower your rate, maybe now is the time to consider one
of those other offers?
If you missed any of the tips, you can review them at left. If you have comments on this
or any tip or suggestions for a daily budget tip, email them to suggestion@myfinpro.com.
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
My Financial Profile - MyFinPro.com
 |  |  |  |  |  |
-------The Budget Tip Archive------- |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
The Budget Tip of the Day
Get It Here
Free Budget Spreadsheet
We are a small site that is trying
to help people save money! We
have no budget, no income, and
continue to provide a completely
free budget spreadsheet to the
general public!
to help people save money! We
have no budget, no income, and
continue to provide a completely
free budget spreadsheet to the
general public!
You can help us by Stumbling!!