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What is your credit card interest rate?

I keep hearing that you should call and ask the credit card companies to lower your interest rate. Has anyone actually done this and it worked? I don't even know what is "reasonable" when it comes to the APR on a credit card. Mine is 16 %. Is that higher than average? Just wondering!

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winkie_pinkie

Asked by winkie_pinkie at 4:19 PM on Feb. 8, 2009 in Money & Work

Level 1 (3 Credits)
Answers (3)
  • You know I tried once a few years ago because they raised my rate for no reason. They said they couldn't but then lowered it anyway. My rates are 8.99%, 9.99% and I have one that is 13% I think I'm going to have to call them because I feel it's too high for me. I think 16 is high but it all depends on a lot of factors. If they raised it or your FICO score has went up significantly you should be able to bring that up and they lower it.
    SylviaNCali

    Answer by SylviaNCali at 2:25 AM on Feb. 9, 2009

  • I know right now with the economy they are raising rates even if you have great credit and pay your card all off every month. My citi card used to have a 8.9% rate and we use it couple times a year and pay it all off the next month. We have never paid any bills late or did anything to change our credit in the last few months but I got a notice saying they were raising it to 18%. So right now I doubt you can get it lowered inless your in debt and getting help. Credit Card companies are just raising intrest rates like crazy to make more money during this poor economy.
    aameliaz

    Answer by aameliaz at 12:13 PM on Feb. 9, 2009

  • Well one of mine is 5.74% and the other is 9.99%. I kept calling untill they lowered them. I even told the one that I might half to default if I could not get it lowered. I also asked if they could drop the anual fee the one year. If you have chase you can forget it the are veryhard to work with some times.
    Synaura

    Answer by Synaura at 12:41 AM on Feb. 15, 2009

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