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Financial Deciscions • credit, investing, etc

Discussion in 'News' started by BOATS N HOES, Jul 12, 2011.

  1. KILZ FILLZ

    KILZ FILLZ Moderator Crew

    Joined: Dec 30, 2008 Messages: 14,018 Likes Received: 958
    I have a ton of questions and no one really to ask. I'm hoping you guys won't mind helping. Instead of opening with a list of questions I'll start with one that I hope will be pretty simple to answer.

    •How do I get credit cards with lower interest rates?

    Do I just wait until I get mailed something with a great rate or is there something proactive I can do? Both of my cards charge me about 17-18% interest. I feel like I can get something better than this but don't know how. My credit score is mid-high 700s.

    Thanks in advance.
     
  2. Qawee

    Qawee Elite Member

    Joined: Apr 9, 2006 Messages: 3,420 Likes Received: 155
    call them and ask for a lower rate
    if you havent been shitty with making your payments they should give you one.
    capital one did for me (they did jack it up 6 months later, however)
     
  3. CILONE/SK

    CILONE/SK 12oz Loyalist

    Joined: Jun 25, 2003 Messages: 10,263 Likes Received: 277
    Usually calling them is the best. Also, if you are able to, threaten to pay it off and close it if they say no. Key is to pay it off and ask to be transferred to someone else to close your account.

    The game has changed these last 2 years and is still changing, so who knows what they will do.

    Be wary of temp rates that go higher after a few months or variable rates which are a scam.

    I think the best you can do in todays environment with a new card from a reputable place is 9%.
     
  4. angelofdeath

    angelofdeath Elite Member

    Joined: Sep 15, 2002 Messages: 4,375 Likes Received: 79
    best thing to do is not use credit cards period.
    the only reason to do so is if you need to buy something on line or need buyer protection. pay the bill off every month and the interest rate matters not. buy the best, pay cash and take delivery. if you cant afford to pay cash, you probably dont need it (with only a few exceptions.)
     
    laughslast likes this.
  5. Decyferon

    Decyferon Moderator Crew

    Joined: Jan 12, 2008 Messages: 10,472 Likes Received: 602
    I dont know if it is the same in the US as it is here, I dont hold ccredit cards but do know about them (used to work for a bank)

    Basically you should only hold a credit card for as long as the initial credit free offer runs (generally 12-18months) after that point you should transfer the balance of that credit card to another one offering 0% on balance transfers.

    I would ring the credit card company and tell them you are thinking of leaving and transferring to a competitor and see what they can offer you to stay with them.
     
  6. !@#$%

    [email protected]#$% Moderator Crew

    Joined: Oct 1, 2002 Messages: 18,517 Likes Received: 621
    i purchase plane tickets often, and i'm not paying for those in cash. i also reserve cars and hotel rooms with a credit card, practically impossible without one, unless you own a hotel.
    i'm laughing pretty hard right now, let me compose myself.


    ok. i agree, gotta make some phone calls.
    i have excellent credit, it's nearly perfect.

    interest rates won't matter if you pay your bill off every month
    the credit card co won't like you very much, but it's a great way to use the cards
    (don't forget, do not use them for purchases you don't want the world knowing about)

    i have pretty dirt cheap interest rates, but as i said, they don't matter since i pay every bill off in entirety every month

    i think you might have a hard time getting your rate below 15%
    since the regulations were tightened, they have to make money somehow and it's the best way to do it. you can try applying for an american express card, sometimes fancier cards have better rates.

    decyfer also has a good suggestion; if you threaten to take your business elsewhere they may cave. transferring balances is only ok once or twice: the more cards you have, the worse credit score you will have, and it is extremely difficult to close a credit card account permanently.
     
  7. Decyferon

    Decyferon Moderator Crew

    Joined: Jan 12, 2008 Messages: 10,472 Likes Received: 602
    This is a mistake people make when transferring balances, once you have transferred the balance close the account, you then wont have the credit liability sat on your financial records. People seem to think it is ok having 4 credit cards with 10k limits because they don't have any money on them, you still have 40k worth of potential liability on your record which will affect your credit rating. The amount of times I had to explain that to customers in my last job was just silly!

    Why is it hard to close an account down? Maybe it is different in Ammerica, but here if you ask to close it and you have transferred or paid your balance the company has no legal right to refuse to close the account, if they refuse you go staright to the financial ombudsman and you will be getting compensated by the credit card company for refusing to allow you to close the account, plus the credit card company will be fined by the FOS.

    Another option is look at the deals they offer, some credit cards give your airmiles or cashback on bought items, if you pay the bill of you are not paying interest on the amount but with the cashback offer you are actually saving money on the initial purchase cost.

    I wish I had a good credit score, sadly I ruined it when young and irresponsible and it will affect me forever so I cannot really have any credit facilities.

    I would also say you will be hard pushed to get a limit below 15%, even customers with top rate credit scores wouldnt have gotten much below 15% at my last job.
     
  8. angelofdeath

    angelofdeath Elite Member

    Joined: Sep 15, 2002 Messages: 4,375 Likes Received: 79
    true, which is why i said pay cash unless you need to do things like this.
    although, if you dont need to reserve a hotel room, you can easily pay cash in person.


    true dat.

    for conversation purposes, i consider 'paying cash' equivalent to paying off a credit card bill each month
     
  9. Decyferon

    Decyferon Moderator Crew

    Joined: Jan 12, 2008 Messages: 10,472 Likes Received: 602
    If you are sensible you can really use credit cards to your advatage, it is sad that very few people do. I'm always saving my mum money on her cards and finances etc
     
  10. CILONE/SK

    CILONE/SK 12oz Loyalist

    Joined: Jun 25, 2003 Messages: 10,263 Likes Received: 277
    Probaly 99% of hotels will not let you stay at them without putting a credit card down, even if you end up paying in cash.
     
  11. Decyferon

    Decyferon Moderator Crew

    Joined: Jan 12, 2008 Messages: 10,472 Likes Received: 602
    same for hire cars
     
  12. angelofdeath

    angelofdeath Elite Member

    Joined: Sep 15, 2002 Messages: 4,375 Likes Received: 79
    thats odd, because i havent used a credit card to pay for a hotel room nor put one down in 5 years
     
  13. Decyferon

    Decyferon Moderator Crew

    Joined: Jan 12, 2008 Messages: 10,472 Likes Received: 602
    I know over here the vasst majority will need a credit card, if not that then a debit card, mainly for proof of who you are and incase of any problems. Smaller independant hotels may be different, I am talking major chains.
     
  14. Decyferon

    Decyferon Moderator Crew

    Joined: Jan 12, 2008 Messages: 10,472 Likes Received: 602
    B&H - is there a reason you are looking at Credit cards? Do you currently have a balance on a credit card? Are you planning on making a larger purchase and maybe using the credit card for that?

    Just a few questions back at your to deterrmine your usage and what might be benficial for you.
     
  15. angelofdeath

    angelofdeath Elite Member

    Joined: Sep 15, 2002 Messages: 4,375 Likes Received: 79
    only thing i've had to do to cover the 'damages' aspect was give them a 200$ refundable deposit on one occasion. just because its not common to pay cash for these things, doesnt mean its not possible.
     
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