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Reducing interest on credit cards
thriftykatie
Posts: 307 Forumite
I notice on some people's SOAs that the interest rate on their credit cards is much lower than I am paying.
I currently have 4 credit cards, two of which are up to their limit but I have managed to keep up with minimum payments (and indeed just now started to make overpayments), and two which I had problems with and which were cancelled.
Of the latter, on the first card I had problems with I had an agreed fixed amount to pay of £115 per month for 6 months. Having completed the six months I am now paying the minimum amount at reduced APR 6.9%. They reduced the interest without me asking them to.
The second debt was passed to a credit agency (? - sorry haven't got the letter to hand but correspondence doesn't come from the cc company) and I had to submit financial statement before they agreed to a monthly payment of £145. They are now looking to increase that but I am resisting as my financial statement hasn't changed (although I could actually pay more due to my current DFW efforts!) Can I ask them to lower the interest or does the suggestion come from them?
Likewise, with the two other 'active' (although I am not using them) cards can I ask for them to be suspended/cancelled and the interest rate lowered? This would obviously help with the repayment.
Have searched for infomation on this but can't find any - sorry if I wasn't looking in the right place.
I currently have 4 credit cards, two of which are up to their limit but I have managed to keep up with minimum payments (and indeed just now started to make overpayments), and two which I had problems with and which were cancelled.
Of the latter, on the first card I had problems with I had an agreed fixed amount to pay of £115 per month for 6 months. Having completed the six months I am now paying the minimum amount at reduced APR 6.9%. They reduced the interest without me asking them to.
The second debt was passed to a credit agency (? - sorry haven't got the letter to hand but correspondence doesn't come from the cc company) and I had to submit financial statement before they agreed to a monthly payment of £145. They are now looking to increase that but I am resisting as my financial statement hasn't changed (although I could actually pay more due to my current DFW efforts!) Can I ask them to lower the interest or does the suggestion come from them?
Likewise, with the two other 'active' (although I am not using them) cards can I ask for them to be suspended/cancelled and the interest rate lowered? This would obviously help with the repayment.
Have searched for infomation on this but can't find any - sorry if I wasn't looking in the right place.
Proud to be dealing with my debts
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