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 I wanted to let you know that I enjoyed your kit immensely! I read it after reading many similar kits covering tips about getting a credit card, but I had no success until I read your kit.I've begun implementing your tips ... |
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 What makes prepaid cards safe?Because you must enter your PIN code to use most prepaid cards, it's a safer way to carry money instead... |
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| 5 Steps to Reducing the Interest Rate on Your Credit Cards
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Five Steps for Reducing Your Credit Card Debt Do you have more credit card debt than you can handle? If so, heres what you can do about it. To invest effectively, you need to have disposable income money you dont need for paying bills. But if youre carrying too much credit card debt, youll find it difficult to free up money for investing. Nearly everyone carries debt of some kind, but all debt is not created equal. Theres good debt (buying an appreciating asset, such as a home), and theres bad debt (taking on excessive consumer debt, which depreciates the value of your assets). Paying off credit card balances at hefty interest rates will strain your finances if you dont restrain your spending. Whats more, high consumer debt has a debilitating effect on your net worth.
Paying high interest rates on multiple credit cards can mean a lot of money lost in interest. Depending on the rate and the balance on the card, reducing the interest rates on even one credit card can save you a lot of money in the long run, so it is always worth a try. Here are 5 simple steps you can use to reduce the interest rate on your credit cards:
One: Make a list either on a notepad or excel spreadsheet of each credit card, their phone number, what your interest rate is, balance, and current payment.
Two: Starting with the first credit card, call the first credit card company and speak to a customer support representative. You will be asked to verify your account information such as your address, date of birth, and sometimes the last 4 digits of your social security number. You should also verify your interest rate with them.
Three: Assuming that you've been paying your payments on time and you've had at least 6 months history with the credit card issuer, you can simply ask for a rate reduction.
Four: The majority of credit card companies will automatically reduce your interest rate if you've been paying on time, mainly because they want to keep your business. If you've been paying longer than 6 months you should qualify for a greater rate reduction.
Five: On rare occasions the customer service rep. may need to connect you with a different department to update your credit file. For the most part, if you qualify for a reduced rate, it should be approved and effective within 24 hours.
Using these 5 simple steps, you can also increase your credit limit on the majority of your cards. This has the added benefit of increasing your credit score due to a better balance / credit limit ratio.
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