A payment card issued for purchasing goods, services and obtaining cash against a line of credit established by the issuer of the card. Bills are usually sent monthly and you can either choose to pay a minimum payment or pay in full, eg. Barclaycard / VISA / MasterCard.
 

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It's High Time For A Lower Credit Card Rate
By Randall

Simple Steps for Lowering Your Interest Rate and Getting out of Debt.

How would you rate your interest rate? Unfortunately, this is a simple question that few consumers take the time to ask, and it can be a costly oversight. High interest rates on your balance can inflict some heavy damage on your wallet. A higher rate means higher finance charges, and hurts your ability to pay down your debt.

If you didn’t take a close look at your rate when you got your card, fear not. Here are some simple ways to reduce your high interest rates and get a better handle on your debt:

1. Debate the rate. First things first – let’s find out exactly what rate you’re paying on your cards. Is that your Visa card whacking you at an interest rate of 19.8%? And that department store charge card – are they really charging you 29%? Yes, those high rates are not uncommon, and chances are probably pretty good that whatever you are being charged, you are probably paying at rates that are much too high.

Considering that banks are now paying savers from 3 to 4 % interest on savings accounts and certificates of deposits, then turning around and charging consumers 3-5 times that amount to borrow money, you’d think they have some room to give you a lower rate. They do – it’s just up to you to negotiate to receive it. Here’s how: Contact each of your creditors directly and see if they will reduce the rate on past purchases to a more reasonable level. Let’s say you get them to agree on 12%. If they accept the new rate, you’ll have automatically shortened the time it takes to pay off your debt without increasing the amount you pay monthly. Our advice would be to increase your monthly payment even more to get yourself out of debt sooner.

2. Go shopping – for another card. What if the creditor won’t negotiate a lower rate? Then be a good consumer

   

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