Have you heard the news? Interest rates are dropping! The bad news is credit card rates are not. Why? The financial credit crisis at many banks has led to the banks raising rates instead of lowering the credit card rates.
People with great credit scores can still find some pretty good deals, but lower credit scores today translates to higher rates.
What should you do to make sure your credit card interest rates don’t shoot up? Pay attention. Read the mail that your credit cards send you. The fine print will often tell you about your raising rates. Call the companies and ask for a lower rate. Tell them you are looking elsewhere and need a better rate to keep you as a customer.
Whatever you do, pay attention. You can save yourself money by checking into things and putting a few minutes of time into your credit card statements.
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Credit card rates will never come down because banks are way too greedy and are bankrupting everyone. They used to be happy with 1 or 2 points above prime, now its 18- 30 points above prime. Its greed. Revolt, pay cash for everything and put them out of business.
yup .. credit cards are like loan sharks… the only way the rates will go is up .. and never down… so never ever use a credit card and fail to pay on time.