Freezing Interest?

IsoChick

I phoned up the automated helpline on one of the credit cards to get a recent balance; and one of the "please press for...." options was for "freezing interest"

I didn't press it, as I was too busy sorting out the balance etc.

But - if I went through to it, what exactly does it mean? They freeze my interest at whatever the current APR is? Or is that tantamount to admitting that I've maxed the card out and want to freeze the interest to help me pay it off?

Ta!

NickX

IsoChick wrote: »

Or is that tantamount to admitting that I've maxed the card out and want to freeze the interest to help me pay it off?

Thats about right. It will have a negative affect on your Credit Rating but if you were struggling it could be a useful option to have up your sleeve.

COUSCOUS_3

which card was this?

Davidp77

Hi

The credit card interest on my cards is high and am struggling to pay off more than the minimum repayments each month. How does asking for the credit card companies to freeze the interest for example for 3 months have an affect on your credit rating?

Thanks

Dave

IsoChick

COUSCOUS wrote: »

which card was this?

I think it was my MINT Card