How To Make Sure You're Getting the Best Credit Card Rates

How To Make Sure You're Getting the Best Credit Card Rates
Are you getting the best credit card rates possible? You'd
better hope so. If you're not, you could be throwing
thousands of dollars down the drain without even realizing
it. Want to know how to make sure the best credit card
rates are on your monthly statements? Here are four tips
that will help you do just that.

1. Watch Those Payments

The first and most critical step towards getting the best
credit card rates is making each and every one of your
credit card payments on time. One late payment and it's
like a credit card domino effect. The card you paid late
experiences a rate increase and then your other cards'
interest rates are jacked up too.

How exactly does one credit card payment affect a totally
different credit card? Welcome to the world of the
Universal Default Agreement. When you default on one credit
card, your other credit cards are given license to act as
if you defaulted on those as well. As a result, your rates
begin to jump. At this point, even the best credit card
rates can soar to 20-percent or more.

Do yourself a favor -- if you want the best credit card
rates, make on-time payments priority number one.

2. Don't Be Afraid To Ask

Sometimes getting the best credit card rates is as easy as
asking. Think your credit card company is charging too
much? Tell them you want a rate decrease. If you're a good
customer who makes on-time payments each and every month
(and you're not already enjoying the lowest rate they can
offer) your credit card company may be willing to reduce
your rate to keep you as a customer.

If, at first, the person on the phone balks, tell them you
want to talk to the manager. Explain to the manager that
you can get a lower rate elsewhere (and will) if your needs
are not accommodated. If it's at all possible to lower your
rate, they usually will.

3. Transfer Your Balances

If your current credit card company isn't willing to lower
your rates, don't be afraid to jump ship. There are many
companies out there that offer the best credit card rates
and if your credit is up to par, they'll be happy to
transfer your balance over to a new account.

When transferring balances, just make sure you don't get
sucked in by a "teaser" rate. If the low rate jumps up six
months from now, you'll be back to square one. The best
credit card rates are fixed rates -- not limited-time
offers.

4. Don't Balk at Annual Fees

Sometimes getting the best credit card rates requires
paying an annual fee -- especially if you have
less-than-perfect credit. If your credit situation isn't
exactly ideal, don't balk at paying a low annual fee in
exchange for getting the best credit card rates. If you
have high balances and a lower rate allows you to pay your
debt off for less, the annual fee can pay for itself.

The best credit card rates aren't just a pipe dream.
They're there for the taking if you know how to get them.
Don't overpay for finance charges. Use the above four tips
to make sure you're getting the best credit card rates
possible.

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resources.
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