How to lower credit card rates - help please

villarenter30

I am a total newbie so may be in the wrong forum - have several credit card debts - which admittdly are quite high but have always managed to pay minimum at least - Don't know if its just the climate but have been refused credit cards that i would have easily got b4 - not applying for more credit jsut trting to get the best deals - don't understand it as the worst i have done is pay afew days late - I am mangaging the debts just notr reducing them by much - thought i would try and sort something as have a debt with MInt (RBS) and rang and asked if they could lower the interest rate, they point blank refused - I did point out that I have never missed a payment even though maybe a little late, tried three times thinking i may get someone more sympathetic, the best they advice they could offer is to write in - my question is, if I did this would they see it as some kind of payment plan and it affect my credit rating even though i was making the payments - surely they should be more sympathetic to someone trying to pay off the date rather than someone who takes the option of iva or bankruptcy - has anyone had experience of this - any advice appreciated

Simon_Preston

Getting lower interest rates can be a lot easier when you have an already open credit card with a 0 balance on it. When your balance is clear you have more power over the credit issuer than when you have cash on it. So if none of them will play ball and if you can get one paid off then do so and then phone them up. Depending on how ballsy you are you can get ask if they have any balance transfer offers available or to just close the account down. Depending on what sort of customer you have been their closure departments may offer you some tempting deals to keep your custom. If you can can get one of these then use this to pay off one of the cards, then phone the next card provider that has just been paid off and try it with them. The credit card shuffle has become somewhat more difficult lately but can still work in your favour.

Moggles_2

You would be requesting an interest rate reduction. This is not the same as asking for interest to be frozen, which certainly would affect your credit rating. For further advice, see Martin's *Credit Card Shuffle* article

http://www.moneysavingexpert.com/cards/cut-credit-card-interest

If you're struggling to meet the minimum payments required, you may want to post a statement of affairs on the *Debt-Free Wannabe* board. You'll get lots of advice and support there from users who have faced similar situations

http://forums.moneysavingexpert.com/forumdisplay.html?f=76