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Old 02-20-2013, 07:09 AM
 
2,677 posts, read 3,727,777 times
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I'm just wondering. I've been with CitiBank for years and have a few cards with them. I get cash back so I put everything on the CC and pay off at the end of the month. I just noticed that the lowest rate I have on the card is 14.24%. I also have a Chase card that I've had for about 4 years, my interest rate on that one is about 10%. Do credit card interest rates ever go down?
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Old 02-20-2013, 07:35 AM
 
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I just checked mine.
Card 1:
Purchases = 7.24%
Cash = 20.99%

Card 2:
Purchases = 10.24%
Cash = 19.24%

I pay them off every month and never take cash so for me, it's 0.0%
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Old 02-20-2013, 07:53 AM
 
Location: Plano, TX
397 posts, read 1,384,415 times
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Mine is 17.90%.

Then again my card is with capital one. Have had it for almost 6 yrs with 100% timely payments and low utilization and hasn't budged at all. Waiting on trying to get my utilization down a bit and maybe trying to pick up a Chase or a second Amex.
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Old 02-20-2013, 08:19 AM
 
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Would calling them and asking to reduce the rate work? I have these cards to keep a credit line just in the case that I need it for some crazy emergency. My Chase card at 10% is comprable to a personal loan. So if I had something come up and I needed to keep a balance, that card could be an option. If I could get another card down to say 5-6%, that would be great too.

I do have an emergency fund, but I am not quick to go into it for all expenses. What I usually do is charge whatever it is and do a balance transfer at 0%, then pay it off in the time that 0% rate is in effect. My reasoning is if I lose my job, I would rather have the cash then a freed up credit line.
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Old 02-20-2013, 08:19 AM
 
Location: VAGABUNDUS
248 posts, read 479,393 times
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Card 1 0% until 4/27/14 then up to 9.99%

Card 2 10.99% zero balance for some time now

Card 3 13.90% < $300 balance

I avoid any rate above 14%.
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Old 02-20-2013, 08:42 AM
 
Location: Censorshipville...
2,475 posts, read 5,989,728 times
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I've got an older Capital One No Hassles card and it's a monthly variable rate. Last statement was 6.77%. Last year it was 6.86%. It makes no difference to me as I pay it off every month. I do kid my Mom that I have a lower interest rate than her though

I had an AMX card that was also a pretty low rate. I cancelled them though when they bumped it up in advance of the CARD act. I had been a long time customer and always paid on time so I took it as a slap in the face that they'd want to increase it. I know it wasn't a personal decision on their part, they were probably increasing everyone, but I wasn't going to stand for it.
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Old 02-20-2013, 08:46 AM
 
Location: Keosauqua, Iowa
8,880 posts, read 15,628,961 times
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You're probably not going to do better than about 10% for a standard rate, but there are still plenty of cards out there offering a 0% introductory rate. If you make a large purchase and carry a balance you could charge it to the card you have then shop around for a 0% card to transfer the balance to.
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Old 02-20-2013, 08:58 AM
 
2,677 posts, read 3,727,777 times
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Quote:
Originally Posted by duster1979 View Post
You're probably not going to do better than about 10% for a standard rate, but there are still plenty of cards out there offering a 0% introductory rate. If you make a large purchase and carry a balance you could charge it to the card you have then shop around for a 0% card to transfer the balance to.
This is what I've done in the past, but I'm not trying to open new accounts right now. Even if I do, they give me a credit limit of like $1500, when they used to give $15,000. $1500 isn't worth it for me to open another account.

I'm basically wondering if I can get one card down to around 6%. This older lady I know has a Target card that was used to purchase repairs on her vehicle. She consistently paid the bill late - she was paying by check when the statement would come in the mail and somehow she was always one month behind. When she called Target, they put her on a 4 year payment plan and lowered her rate from like 20% to 6.5%. So that got me to thinking it is possible?
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Old 02-20-2013, 09:00 AM
 
Location: southwestern PA
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My lowest is 11.99%....
but since I never, ever carry a balance, the rate doesn't matter.
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Old 02-20-2013, 09:09 AM
 
Location: Censorshipville...
2,475 posts, read 5,989,728 times
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Quote:
Originally Posted by Pitt Chick View Post
...but since I never, ever carry a balance, the rate doesn't matter.
That's the way I look at it. I get a monthly loan for 0%? Plus I get reward points/cash back from my purchase? Sign me up!
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