Credit Card Shuffle Discussion area

Cursed

No - I specifically was talking to them about the percentage rate, not the amount of the monthly repayment.

bigadaj

Cursed wrote: »

No - I specifically was talking to them about the percentage rate, not the amount of the monthly repayment.

Yes, but the implication is that you are struggling to pay your debt by contacting your bank.

It may be counter intuitive but what you should have done is applied for another card for a lower rate or 0%, whether you would have got one is another matter.

Either way the answer to the problem is to spend within your means, pay down expensive debt first and control your spending.

Posting a statement of affairs to reduce costs is a good idea, as every penny saved can be used to pay down debt.

grumbler

bigadaj wrote: »

It may be counter intuitive but what you should have done is applied for another card for a lower rate or 0%, whether you would have got one is another matter.

In fact, MSE's advice is:

Call and ask them to cut the rate

If you don't want to apply for a new card, then sometimes simply calling and asking your credit card company for an interest rate reduction works.
The credit card market is competitive and interest rate matching policies are common. If you've already got a cheaper rate on another existing card, this should help you batter it down.
Before you pick up the phone to call your credit card company you're better off doing a bit of research first. Some card companies have official set rates and others target indivduals. So it's important you know how the company will deal with you before you call it.

Of course, when calling and asking, it's worth thinking twice how to ask and what to say for not creating an impression that you are experiencing financial problems and this is a reason of your call.

planteria

it's good advice grumbler, but fwiw i'd follow bigadaj's line and look to get a 0% deal elsewhere and just move the debt- flagging problems could be the start of a big problem.:silenced:

bigadaj

grumbler wrote: »

In fact, MSE's advice is:

Of course, when calling and asking, it's worth thinking twice how to ask and what to say for not creating an impression that you are experiencing financial problems and this is a reason of your call.

That advice seems a bit daft to me, the outcome related here is perfectly predictable and it's safer to balance transfer elsewhere is at all possible.