credit card interest jumps
Hi Terry..my interest rate on my citi card credit card is going up to 20% from 14% starting in January..I have never been late on payment and have a good credit rating..how do I try to get them to lower this increased rate? thank you for you time
Terry Says
Call and threaten to cancel your card! That should do it. It may have to do with whether you pay on time — but only making minimum monthly payments, or less than full payments. They would then figure they have you trapped!
If that’s the case go to www.CreditCards.com and check out balance transfer cards. You may get an interest-free grace period of 12 months or more, giving you a chance to pay down the entire balance.
One problem with that strategy, if that’s your oldest card it will impact your credit score to close it — becuase longevity is a key factor in your credit score.
