Your credit card rate might be lowered

[cruisnfamily]

Citi lowered ours from 28% to 7.5% :

Did you request a lower rate or did they do it by themselves?

 

[Purseval]

Yes exactly. Having a lowered interest rate means someone can pay off their debt faster. It's not really complicated, that's a good thing for anyone who is paying off a balance.

All the while completely missing the point of credit being used for things credit was never intended to be used for. It used to be that buying groceries with a credit card was used as the ultimate example of financial irresponsibility. Now it's so common people don't even remember or notice.

Interest should be high, ruinously high, so you think long and hard before you use it. I'm sure you're the exceptional person who is going to take this opportunity to pay off their balance but many more will just see it as an opportunity to charge more because it costs less.

I'm sure they are, but what does carrying a balance have to do with dodging creditors?

I didn't say that you just took it that way, which sounds like a personal problem. C'est La Vie.

 

[hulagirl87]

I called and asked for a lower rate and was told that they couldn't do anything for me. (it was the Disney visa) I was bummed! My interest rate is really high for that card. I would love it if they randomly just dropped it. They have randomly raised it in the past

 

[deezeealum]

Did you request a lower rate or did they do it by themselves?

They did it without me calling! I was shocked when I opened the email and saw our minimum was much lower!

 

[cvrapclark]

Who cares? Pay off your balance every month and the interest rate doesn't matter.

Haven't read this whole thread, but wanted to respond to the above.

Sometimes things happen even if you do pay your card off every month. For instance, we were at Disney last week and I remembered leaving the park that my payment was due that day. So, of course, it was after the time deadline online to make payment post that day. So I called, and, luckily, they could make my payment apply that day with a $14.95 charge, of course. But, still, my interest would've been more and it would then set my card for charging interest for two months.

And the reason I didn't make my payment before I left was I forgot!! Plain and simple. Was getting ready for Disney!!