How Can You Effortlessly Lower The Credit Card Interest Rate?
How Can You Effortlessly Lower The Credit Card Interest Rate?: The availability of credit cards has made life a whole lot easier for thousands of people. The phenomenon and the accessibility of making purchases in the now and paying later have helped to leverage cash flows of countless individuals.
On top of that, the invention of credit cards has the potential of stretching the dollar a little further if one is to take advantage of rewards or cash back credit cards. Nevertheless, this form of plastic money is also known for charging exorbitant interest rates, making carrying balances costly for cardholders. However, a few companies like American Express have made changes.
In this article, find out how to lower your credit card interest rate and why American Express cut credit card interest rates.
Negotiable Rates
Regardless of the company you have purchased your credit card from; you have the option of negotiating your interest rates. You just have to go about the proper channel with adequate information. Firstly, you have to evaluate your situation. What are the current terms of your credit card, including how much grace period you can avail, what is your statement due date and where are you standing on the current balance.
Then, step up to researching competing credit card offers. To acquire more customers, credit card companies need to be competitive with other brands. Hence, they will work towards offering you rates in accordance with the competition. Consequently, make the call to your credit card representative and negotiate away.
What American Express did!
Following the competition strategy, American Express recently offered low rate credit card, from 11.99% to 8.99% on 9 April 2018 for existing customers, and from 11 April 2018 for new customers. American Express cut credit card interest rates to aid their customers in clearing their debts sooner. In Australia, according to recent statistics, the latest change to credit card interest rates resulted in consumers clearing their card debts a year and a quarter sooner, saving significant costs in interest payments.
It is important to consider your financial situation and diligently read the terms and conditions before buying any credit card.
For More Information & Videos Subscribe To Our YouTube Channel