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These days all of the credit card companies have been changing their policies to abide by new laws in place to help consumers that are having trouble with their bills. As a result many have raised their rates and lowered credit limits. Be sure to read the notices that are sent both with your statements and by themselves. Be aware of reductions in your credit line so you don’t go over your credit limit and accrue fees.
You may also be able to reduce the interest rate being charged on your account. You can call the number on the back of your cards and ask to have the account reviewed and to request a reduced interest rate. If you have been making your payments responsibly, the credit card company may be willing to lower your rate. But be aware that in some cases this can trigger a reduction in your credit line. This reduction would probably have eventually been made regardless of your call, but the call may trigger it on the spot.
Try not to fall for teaser rates that are then followed by very high standard rates after six months or a year. Usually there is a considerable charge for a balance transfer or cash advance that may not be offset by the promotional rate. One exception is a promotional rate that lasts until the balance is paid off. These may help to consolidate your balances on to a single card at drastically discounted interest rates for the transferred amount. Remember that the promotional rate is only for the balances that you transfer. Any balances that already existed on the account will continue to be charged interest at the rate in effect at the time of the transaction.
You may also be able to reduce the interest rate being charged on your account. You can call the number on the back of your cards and ask to have the account reviewed and to request a reduced interest rate. If you have been making your payments responsibly, the credit card company may be willing to lower your rate. But be aware that in some cases this can trigger a reduction in your credit line. This reduction would probably have eventually been made regardless of your call, but the call may trigger it on the spot.
Try not to fall for teaser rates that are then followed by very high standard rates after six months or a year. Usually there is a considerable charge for a balance transfer or cash advance that may not be offset by the promotional rate. One exception is a promotional rate that lasts until the balance is paid off. These may help to consolidate your balances on to a single card at drastically discounted interest rates for the transferred amount. Remember that the promotional rate is only for the balances that you transfer. Any balances that already existed on the account will continue to be charged interest at the rate in effect at the time of the transaction.