Play Your Credit Cards Right and See Lower Interest Rates
posted on 25 October 2011 | posted in
Business and Finance
Finance can be complicated. One look at the bankruptcy rules that companies must follow, and you'll get an idea of how complex things can be. However, you can keep some things simple when it comes to finance. One of the best ways I’ve found to save money, especially if you have credit cards, is to get on the phone and try work with the lenders to lower their rates. I have three credit cards that I use on a regular basis: a Discover card with a cash back reward a Visa card and a Master card. I also have a few store credit cards. They each charge different interest rates, but by playing one company against the other and transferring balances back and forth, I have been able to successfully lower my interest rate from a high of 29% to my current 9.5%. I fully expect that I can lower it another point or two before the end of the year. I have been transferring my open balances between cards and getting lower rates, but I have also been calling their customer service departments and asking them to adjust the interest they are charging me. Sometimes they say “no,” but I will call back the next week and often get it changed. I have probably saved over $700 in the last year by being persistent and studying the trends. Nothing I am doing is illegal and the companies have the right to refuse. But they will usually say “yes” because they do not want to lose a valuable customer.
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