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I have a friend who I have known for a long time and he has racked up a lot of debt at high APRs (which he pays on time every time). I would like to try to help him out by moving his debt to credit cards with low APRs that are fixed for life. I know credit cards that offer fixed interest rates for life but can't find any information about which one is really good. That's where I need your help, can you suggest any credit cards that have very low APR (Preferably less than 5% APR for life)? Thanks...
I have a friend who I have known for a long time and he has racked up a lot of debt at high APRs (which he pays on time every time). I would like to try to help him out by moving his debt to credit cards with low APRs that are fixed for life. I know credit cards that offer fixed interest rates for life but can't find any information about which one is really good. That's where I need your help, can you suggest any credit cards that have very low APR (Preferably less than 5% APR for life)? Thanks...
I don't believe such an animal exists, but you can check reviews:
Once you're late on one credit card, all of the other companies know immediately, and you won't do any better transferring to another card. There is no life time frozen interest rate. The only way to maintain a low interest rate, is to pay on time, every time.
A late payment will not only affect the interest rate on that card, but all of the other companies will also rase your interest rate, even if you were never late with your payments to them.
It takes time to mend a wounded credit rating, there are no short cuts...
Ummm... what are you talking about.. my friend's credit is over 720... he just has high APRs cause he didn't hunt for low APRs... there is no "late" payment if you read what I said, he has paid on time on every bill... he just has a lot of debt with high APRs (banks are ripping him off)... there is no "wounded credit rating"... his DTI is high but he has plenty of room to pay off his bills with his income... I am just trying to find lower APR (which he WILL qualify for) so that he doesn't lose so much money paying the higher APR... don't jump the gun and think his subprime borrower...
Yeah, I saw the same... I remembered when Amex used to do 3.99% APR for life a year ago and I called them to see if they still offered it... it seems like they don't anymore... just seeing if anyone noted any good deals out there... I thought about suggesting Prosper to him but I rather use that as a last resort..
I've seen fixed rate offers that last until the debt is paid off, but not necessarily for the life of the card holder. I haven't paid that close attention to them recently as I would most likely want the ones with 0% rates for 6 mos-year with no balance transfer fees rather than a low fixed rate for a long period of time. If I see one soon, I'll post it here.
I just Googled "fixed rate credit until balance is paid off" and found this offer that expired Sunday. Perhaps your friend could still get in on it.
evilnewbie
Has he tried calling the cards to get a lower interest?
If he has been a long time cardholder that along with his good credit they do lower rates
If he is not comfortable with calling he can call and give them permission to speak with you
The department you want to speak with is "account retention" also with so many cards outsourcing their calls make sure you are speaking to the states
I had my FIL bring all of his statements last time he came to visit he was in a similar situation great credit high apr because he just didn't know some of his cards were as high as 29%
I spent a very enjoyable couple hours one morning and got all of his rates dropped
I just tell them he received many BT offers and if they wanted to keep him as a cardholder what could they do
Also remember each time he applies for a new card it is a hard inquiry on his credit report
one trick I tell folks is once you have gotten the rate reduced the least amount you should send is the payment plus the finance charge added this will help to pay it off faster
His debts aren't on credit cards... they are private loans... I don't think they will negotiate with him since he is more than capable to pay them... he isn't in financial trouble... I just trying to save him several thousands by lowering his interest rates..
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