Interest Rates and Bank Charges
Cut Your Rate!
June 24, 2011 | 
Author Call up your credit card companies. Their phone number is right on the back of your card. Ask what your current interest rate is, then ask them to lower it. If the first person you speak to doesn’t help you, ask to speak to a supervisor. If they say “no”, call back. Keep trying. Don’t give up. IT may take seven calls, but I believe that the vast majority of the time, they will lower your rate, simply because you asked.
It really is that simple. Take Vendel and Gwen – they had a whopping 29.75% interest rate on their Bank of America card. After calling up their credit representative, their rate was lowered to 5.75%, and they get to keep that rate for 5 years! They used the same technique to lower the rates on their three other cards.
Hang on to all those credit card offers you get in the mail today. If you don’t get one today, bet you do tomorrow.) When the customer service person tries to give you the brush-off, you can say, “I’m holding an offer that I got yesterday in the mail from Super Credit Card Bank. I will transfer my balance over to them today if you do not give me a better rate. “I kid you not, you should get results. Lowering your interest rate instantly lowers your payments. You have just lowered your debt! Immediate results like that are very empowering!
As long as you carry a balance on any card, it’s possible that your credit card company could raise your rates, without you knowing, so it is up to you to make periodic phone call and check on your rate. You can explain that you have been a long time, good paying customer. If they don’t lower your rate, you will drop them. Simple as that.
Ask and you shall receive. Be persistent if you have to, but a small investment of your time on the phone can save you thousands of dollars. Seriously, I believe this is a surprisingly effective technique that very few people know about. Even more surprising, it often works!
Posted in Interest Rates and Bank Charges | 
Tags: bank charges, fees, interest rates, managing debts, Negotiate, repaying debts | 
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Rate Switch
If you want to get better telephone rates, you call them up and ask. If you don’t like their deal, you switch providers. You are not afraid to call your cable company and ask if any special on this month. You know to never ever take the first offer that the car salesman gives you, so why are we all so intimidated by the credit card companies?
May be many of us had no idea what they were really up to. Blind trust is now shattered. Maybe we feel it is futile. They have gotten away with it for so long, it is all we know. We have taken our beatings and have decided to stay down on the mat. One thing that I have learned in my life is that staying down, or remaining quiet, only leads them to believe that they are in control, and then they will only try to get away with more. They think their tricks are top-secret or untouchable. Wrong. We can pull the plug on the runaway interest rates and fees. We can cut our debt in up to half by doing so! And it all starts with a simple phone call.
Phone Calls can Save you Thousands!
Phone calls are usually easy, time efficient, and believe it or not, effective. Most people assume that a phone call is a waste of their time, so they don’t make them. Nothing is further from the truth. Pick up the phone and dial. Don’t let your nerves get the best of you. Why in the world should you be concerned with what the person on the other end of the line thinks of you? Make the call. It is the most valuable thing you can do with your next five minutes, and it can save you thousands.
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Fees, Fees, Fees
Fees and points have no limits. They are the fine print, the nitty gritty, the name of the game, the bread and butter of the consumer lending industry. Basically, interest rates may be limited, but the fees are carte blanche, and credit card companies take full advantage in every way possible. Let’s call a spade a spade, and let’s call these fees what they really are: interest
The banks and the credit card companies can charge any number of fees, in any amount and call them anything they want – activation fee, annual fee, monthly maintenance fee, sign-up fee, credit protection fee, late fee, over-limit fee, we are greedy fee- and the net effect is that we the consumer, could end up paying 50% 60% 70% in interest. The banks are allowed to be legal loan sharks. They have gone mad with greed. We the people are no longer human beings, fellow citizens of America; these companies see us nothing more than numbers consuming products. All we are now in their eyes are consumers.
If we are not a consumer, we are not important. We are merely a country of consumers, not individuals, not living, breathing, and human beings. This is an element in our society that needs to be changed. Who resists change the most? The ones making the money off of those of us who once were blind. But now we see, it is my duty to open all of your eyes to the scams going on in the credit card industry, student loan industry, and the debt collection industry.
Once you know, you will never fall into their traps again. Just because they give you money, they do not own you forever. You don’t have to be a slave to them. Stop thinking that you don’t have options. You do! I am not talking about all the companies, there are also some trustworthy and reliable companies offering best deals to the people.
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