Making it in George W. Bush's America

[bluestateguy]

Last year when I heard that credit card minimum payments were going up, I decided to engage in some aggressive negotiations with one of my credit card companies to get them to lower the interest rate. I explained to them that I had not made a late payment in 8 years. I prevailed, though it was not easy, and I had to get a supervisor on the phone. My interest rate was lowered by 8%. This action saved me a lot of money, and I am now making some real progress toward getting it paid off.

Making it in George W. Bush's America sometimes requires a little bit of initiative, resourcefulness and creativeness.

[Nay]

1. good for you. I encourage everyone to do this -- we have much

lower interest rates as well, because we negotiate and we refuse cards with higher rates. We also pay off our cards each month and do not get caught up in buying sprees.

[racaulk]

2. You're right.

I've never made a late payment and I consistently pay more than my minimum payments. But every month when I receive my statements, I see the interest rate on my variable rate cards go up and up and up. It's just obscene. The credit card companies are making out like bandits with * in office.

But I think I will try your approach. Thanks for posting this! :hi:

[wussoch]

3. Credit Card Rates...

are usually determined by giving the credit card holder a rate
of some arbitrary number (usually based on credit
history/score) PLUS the variable rate, which depends on
long-term U.S. interest rates.  Usually, the arbitrary number
is what the card holder "agrees to" when applying
for the card and should remain the same, barring poor payment
history (if they try to change it EVEN THOUGH you have not
payed late/missed a payment), do as the originator of this
thread does and contact them... usually a threat of
transferring your balance to another card/bank will be
sufficient to rein in these types of random increases).  Since
long-term U.S. interest rates are on the increase, so do the
credit card rates rise in parallel.  This has nothing to do
with "*" in office.  If anything, the worst thing
these credit card companies do is charge exorbitant fees for
late payments/over-the-limit fees.  It makes no sense that an
individual is two days late paying his minimum payment of $25
and then gets charged $35 for the "late fee" (140%
penalty).  Naturally, this should cap out at some percentage
of the payment that is owed and received late.  Again, these
credit card policies have been largely unchanged for 20 or
more years.

[newyawker99]

4. Hi wussoch!!

Welcome to DU!! :toast:

[warrior1]

5. I got zero interest from Citibank for a year

As soon as I get this paid off the better.