Will they lower the interest rates?

Dragonve

Hi all I am new here.

Having major issues with having 3 credit cards - all of them now have silly credit rates that I struggle to pay (didn't pay 2 of them this month)!

If I speak to each card issuer about my circumstance is it possible they would lower the rate or do they not work like this?

wayoflife

First of all, dont worry

as long as you are making the minimum repayments,(this is a MUST) you are the credit card companies best customer, better than anyone who pays everything off in full.

Yes if you ring them up, they can offer you a lower rate, but this isnt guaranteed. You have to put it to them as if you are going to transfer the debt and therefore close the cards. They would want to keep you as a customer, and they almost certainly would lower the interest rates. You need to make sure you speak to the right people (i.e. NOT customer services) go right to the top... if you provide me with the names of the companies then I may be able to help with this contact info.

The other thing you should consider is a life of the balance transfer card. You can transfer the balance to the card and have this rate fixed for as long as you still have a balance. This is a great option, as currently they could again put them up and you havnt got a leg to stand on, as it is a variable rate.

The best card for the transfers is an &More credit card, as it offers NO BALANCE TRANSFER FEE and the lowest rate at 4.9%, which is amazing, as it is quite a bit less than the BOE Base Rate and under a 3rd of most APR's.
Now you may not be able to transfer the whole amount, but even if you can only transfer a little that is better than nothing.

I wount get too complicated but would say do both, ring them up anyway for a lower interest rate then consider transfering the balance.

If you tell me more details (i.e what cards, what balance what interest rates) then I can help you further