Monday, June 21st, 2010

What can my dad do to get out of his high interest rate credit card and pay it off at a lower rate?

credit card rate
and you are? asked:


He has good credit, definitely not bad credit. However he told me when he inquired about transferring his balance to a different credit card (and company or bank) they said something about to many credit checks on him and I think the balance was to high. This card now that he wants to get out of they raised his rate to like 24-25%. I think they did it last year sometime. Do you have any advice or knowledge of what he can do to lower is rate. Thank you

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4 Responses to “What can my dad do to get out of his high interest rate credit card and pay it off at a lower rate?”

Judy Says:
June 23rd, 2010 at 12:44 am

If he pays it in full each month he won’t pay a penny interest.
47% of Americans pay their credit card bill in full each month.

If he wants to stay in debt, he can go to bankrate.com
and click on “low interest balance transfer cards”
It will give you a list of the best cards out there for this.
/

bigleybill Says:
June 25th, 2010 at 9:14 am

First you have to go to Freecreditreport.com and find out what your dads numbers really are. If he has good credit he may be able to transfer his balance to another bank or credit union after negotiating a deal. If his credit is poor or only so-so you have an uphill battle. The banks today are impossible to work with. You would get farther with a bank by walking in wearing a mask and a gun. Thats the only way they will notice you.

Amarnath C Says:
June 28th, 2010 at 12:38 pm

Now a days all r charging higher rate of interest,better clear/pay in full at the earliest.
All the best.

timothy p Says:
July 1st, 2010 at 3:45 am

“they said something about to many credit checks on him” that means he has applied for credit in several places. This lowers your credit score.

“I think the balance was to high” he needs to pay this down. Yard sale, second job…

“raised his rate to like 24-25%” A lot of banks raised interest rates ahead of the new credit card law. He only had a certain number of days to opt out. This would have likely prompted the bank to close the card but it may have been the smarter thing to do. I have heard of people getting much higher rates.

He can always call the bank that holds the account and ask them politely to lower his rate. That has actually had mixed results with some people I know. But I do know it has worked for some.

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