CREDIT CARD TIPS: AVOID HIGH INTEREST RATES AND PENALTIES
How To Cut Your Household BudgetConsumer guide to frugal living. Discount and money-saving household budget and personal finance strategies. Reduce living and home expenses with no extra work and no change in your lifestyle once you learn all of our simple easy tricks.
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7.0 CREDIT CARD TIPS: AVOID HIGH INTEREST RATES AND PENALTIES
==Average Discount = $200
You can save a substantial amount of money on interest, late charges and penalties and credit card fees by following some of our tips in the next couple of sections.
Knowing how to find a great deal on a credit card is key but there are other things to keep in mind after you have the card. Remember too that credit card companies are trying to catch you in a late payment so that they can charge you with a hefty fee and raise your interest rate. A payment that is only one day late could cause all these things to happen and might put a black mark on your credit record.
Learn the rules.
7.0.1 ASK YOUR CREDIT CARD COMPANY TO LOWER ITS INTEREST RATE AND/OR DROP ITS ANNUAL FEE
One of my readers got her interest rate lowered from 18.9% to 8.6% simply by asking. She explained that she was on a set budget and couldn't afford the rates. Other readers have succeeded by threatening to switch to another card with a lower rate. With a 10% drop in the interest rate and an average $3000 balance, the savings would be about $300 per year.
Many cards today have no annual membership charge. If you threaten to switch to another such card, your old card may drop its fee, saving you $25-$50 a year.
NOTE: For these strategies to work, your account must be in good standing and you must make your payments on time. If you are delinquent, your credit card may restore the annual fee and/or raise your interest rate back to the old rate.