Competition a good thing for credit-card holders
If you’re annoyed by rising interest rates on your credit cards, you may have more leverage to fight back than you think. Heightened competition in the credit-card industry is giving card holders greater muscle to negotiate lower rates.
While most credit-card companies say little publicly about their willingness to negotiate sweeter deals, some are agreeing to cut interest rates by several percentage points for their best customers. That can add up to thousands of dollars in savings over a year.
Gay Watson, a spokeswoman for the Consumer Credit Counseling Service in Atlanta, Ga., called her local bank about six months ago after receiving notification that the interest rate on her MasterCard would climb to 14 percent from 12 percent.
She typically pays her monthly balance in full but was mulling the purchase of a new computer and wanted the option of spreading her payments over a few months. The bank buckled, keeping the interest rate at 12 percent.
While most credit-card companies say little publicly about their willingness to negotiate sweeter deals, some are agreeing to cut interest rates by several percentage points for their best customers. That can add up to thousands of dollars in savings over a year.
Gay Watson, a spokeswoman for the Consumer Credit Counseling Service in Atlanta, Ga., called her local bank about six months ago after receiving notification that the interest rate on her MasterCard would climb to 14 percent from 12 percent.
She typically pays her monthly balance in full but was mulling the purchase of a new computer and wanted the option of spreading her payments over a few months. The bank buckled, keeping the interest rate at 12 percent.
Read more at: Competition a good thing for credit-card holders
posted by e-borneo.com @ 6:49 PM
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