5 Ways to Increase Responding to Credit Card Interest

Would not it be nice if the low interest rates could last forever? Unfortunately, we all know that "All good things will come to an end", especially if you use a credit card.

One of the practices of credit card issuers are famous when a sudden increase in interest rates. One of the reasons why publishers seem suddenly raising interest rates is that credit card issuers have to send a notice within 15 days before increasing your interest rate.

1. Option Out of the interest rate higher
While credit card interest rates go up, you will usually have a period of "exit option" which allows you to refuse the change in interest rates. If you choose this method, your credit card account will be closed and you can continue to pay the bill with a lower interest rate. After the outstanding balance has been fully paid off, you will not be able to use the credit card, because the account has been closed.

In some cases, you might not want to close a credit card account because it will hurt your credit score, as when it has a bill on it or use it is the oldest credit card you have. In this case, there are several other ways that you can do.

2. Negotiate a lower interest rate
Contact the publisher and ask for reduced interest rates. If the interest rate is increased due to delinquency or default, you may not be able to get changes in interest rates, even if it is a different credit card. On the other hand, if you always pay your bills on time, you may be able to talk to the card issuer to ask for lower interest rates.

3. Pay off bills pronto / soon.
Pay off your outstanding balance as you can, before the rate hike took effect. If you can lower the outstanding balance before the new rate went into effect, you will not feel the burden of the interest rate so much. You may have to reduce spending in other areas to pay more money to the balance of your credit card bills.

4. Transfer to a credit card with a lower interest rate
Transferring your credit card balance to a lower interest rate. Before you transfer the bill, make sure you have sufficient credit limit to handle the new bills. You may also need to compare balance transfer fee against the cost of paying off the bill at a higher interest rate.

5. Receiving interest rate changes
Maintain the use of a credit card and pay off the outstanding balance at the new interest rate is higher. Although perhaps not the most desirable solution, this might be the only option available to you. When there is no other option that you can use, you have to pay the outstanding balance at a higher interest rate. In this case, you still have to pay off the outstanding balance as soon as possible to avoid paying a high financial cost.

As long as you continue to make timely payments (for all your accounts) and remained below the credit limit, the credit card issuer to lower your interest rate after six to twelve months. Do not be afraid to call and ask for a lower interest rate if you have to.

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