CC question....

[Harlie]

I received my statement and I noticed that my interest rate was going to be increased next month from 18% to 19% I know I have been making my payments on the same day every month paying triple the minimum payment and I have not used my card in over 2 months. I called an questioned why my interest was being increased and I was told it was due to the ecomomy making the intereste rates balanced blah blah blah but the told me if I pay them a $35 dollar fee they can reduce my intereste rate to 12.9% I asked if there were any strings attatched to that and the said no but does anyone know if this is a good idea or not? I don't trust this and I am looking for some advice.

Thanks

 

[PrincessDreams2]

If I were you, I would pay the fee for the lower interest rate, and then work hard on paying it off. 5.1% less might make a big difference depending on how high your balance is.

And be careful asking questions that imply you have credit card debt here while you also have a ticker for an upcoming trip. You might get some responses you don't like.

Good luck to you!

 

[Harlie]

And be careful asking questions that imply you have credit card debt here while you also have a ticker for an upcoming trip. You might get some responses you don't like.

Good luck to you!

Oh Im not concerned I need to hold a balance to build my credit. For 10 years my husband and I shared a card and it was not building up my credit score just his. When we went to move(new mortgage) we found out that I had no credit history because of this. Our finance guy recommended I get a credit card and keep a balance and make my payments on the same day every month making more then the minimum payment to build my score. I have paid it off three time this year alone already. So flame away im not going to be screwed out of a good credit history if my DH were to die on the old way we were doing things I wouldn't have been able to take over our mortgage without a credit history and we would be out of a house.

Canadian Credit cards and American credit cards are very different ours are more strict.

 

[lovesmurfs]

I received my statement and I noticed that my interest rate was going to be increased next month from 18% to 19% I know I have been making my payments on the same day every month paying triple the minimum payment and I have not used my card in over 2 months. I called an questioned why my interest was being increased and I was told it was due to the ecomomy making the intereste rates balanced blah blah blah but the told me if I pay them a $35 dollar fee they can reduce my intereste rate to 12.9% I asked if there were any strings attatched to that and the said no but does anyone know if this is a good idea or not? I don't trust this and I am looking for some advice.

Thanks

I've not heard of anything like this...I'm wondering if they're changing you to a different type of card with an introductory rate, and the $35.00 is an annual fee?

I'd get their offer in writing before agreeing to any changes, just to make sure. Best wishes.

 

[PrincessDreams2]

Oh Im not concerned I need to hold a balance to build my credit. For 10 years my husband and I shared a card and it was not building up my credit score just his. When we went to move(new mortgage) we found out that I had no credit history because of this. Our finance guy recommended I get a credit card and keep a balance and make my payments on the same day every month making more then the minimum payment to build my score. I have paid it off three time this year alone already. So flame away im not going to be screwed out of a good credit history if my DH were to die on the old way we were doing things I wouldn't have been able to take over our mortgage without a credit history and we would be out of a house.

Canadian Credit cards and American credit cards are very different ours are more strict.

Gotcha! I just hate to see nice people get flamed when they ask questions about credit cards. I've seen many a thread turn out that way. People can be brutal! Have fun on your trip!