How long will it take credit card companies to lower their interest rate now that the Fed has lowered their’s?
Credit Card
Tonya in TX - Duck asked:
I know that credit card companies aren’t REQUIRED to lower theirs, but they usually do, right? So can I call my credit card company tomorrow and ask for a lower rate, or should I give them a week, or what?
All I know is that about 6 months ago I called my credit card company and asked for a lower rate. It was at 13.99%, and after spending about 30 minutes on the phone with two very nice gentlemen, I was able to lower my interest rate down to 10.5%, and renew or something a promotional rate from 7.99% for 6 months down to 3.99% for the life of the loan. I asked them how often I could do this and they said whenever the rates change, I could call and ask - I might get it, I might not.
I just thought that I might need to give them time to get a new rate into their system, and with it being more than the .25% change that was expected, I thought it might take a little more time. But I’m not a financial wiz, or I wouldn’t be in debt in the first place.
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I know that credit card companies aren’t REQUIRED to lower theirs, but they usually do, right? So can I call my credit card company tomorrow and ask for a lower rate, or should I give them a week, or what?
All I know is that about 6 months ago I called my credit card company and asked for a lower rate. It was at 13.99%, and after spending about 30 minutes on the phone with two very nice gentlemen, I was able to lower my interest rate down to 10.5%, and renew or something a promotional rate from 7.99% for 6 months down to 3.99% for the life of the loan. I asked them how often I could do this and they said whenever the rates change, I could call and ask - I might get it, I might not.
I just thought that I might need to give them time to get a new rate into their system, and with it being more than the .25% change that was expected, I thought it might take a little more time. But I’m not a financial wiz, or I wouldn’t be in debt in the first place.
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February 25th, 2009 at 4:03 pm
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Sorry, but your dreaming.
You can always call and ask though.
February 28th, 2009 at 7:33 pm
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If you have a credit card balance, you can contact the bank and try to negotiate a lower interest rate. If they refuse to budge, you can always tell them that you can do business elsewhere, and transfer your balance to a bank offering a better rate.
March 2nd, 2009 at 3:13 pm
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Haven’t you noticed that credit card interest rates and the price of gas have the same thing in common?
If the price of oil goes up, the price per gallon of gas immediately goes up at the pump. If the price of oil goes down, it takes a very long time before it shows up at the pump. Works the same way with interest rates.
March 3rd, 2009 at 1:40 pm
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If only…I know it’s difficult to hear, but the best option is to not use a card in any way that results in an interest charge. Unfortunately, they don’t usually lower their rate, unless legally required to do so. Nice, aren’t they. Good ‘ol credit companies just providing a service, helping John or Susie Public. They won’t lower, you’re at their mercy.