Ask Terry Questions stop or freeze interest (Credit card )

stop or freeze interest (Credit card )

By Terry Savage on September 05, 2018 | Credit/Debt

How to can I pay off credit card and stop,slow or freeze interest rate if possible? My apr is 24.99. My balance is almost 4,000.

Terry Says

The card issuer has the right to raise the interest rate on your card at any time! You agree to that when you sign up for the card. And typically card issuers will immediately raise the rate when they know you are “hooked” and can’t pay off the balance in full. They see that you are making only the minimum monthly payment continually, or that you are late once or twice and they figure there isn’t much you can do!

The best advice is to pay the card off, in full, as soon as you possibly can. Or to pay DOUBLE the minimum monthly payment. That way your balance will decline if you don’t make another purchase.

Another solution — if your credit is otherwise good — is to choose a “balance transfer” card, which will allow you as long as a year to pay it off with no interest. BUT, if you don’t pay down the balance you transferred, you can be sure they will raise the rate to a very high level as soon as the interest-free period is over.

To check on balance transfer offers, click here at



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