Will CC companies reduce interest?

Natlou_2

Hi there - Im a newbie here, so please go easy on me!
I have to confess that I find it difficult getting to grips with the interest Credit cards charge. I have a citicard which is a massive 23.9% interest on purchases, however they recently offered me 5.9% on balance transfers until the transfer is paid off - so I transferred £4,000 from my Barclaycard. Barclaycard charges 15.9% on purchases and 27.9% on cash - most of the balance on B'card is from withdrawing cash so I guessed it was a good deal.

What I want to know is, If I pay any money off my Citicard, will it all go towards paying the balance Ive transferred first and leave the bulk of the debt (another £9,000) racking up 23.9% interest?

Sorry if that sounds complicated and hope someone can help

Natalie x

P.S - Its probably worth mentioning we tried for a 0% card buut were refused.

Natlou_2

Sorry, forgot to get to the gist of the thread, which was, If I write to the credit cards asking for a lower interest rate, does it ever work and does it affect your credit rating?

rog2

Natlou wrote: »

Sorry, forgot to get to the gist of the thread, which was, If I write to the credit cards asking for a lower interest rate, does it ever work and does it affect your credit rating?

It CAN work, but more often if you tell them that you have been offered a lower rate, or 0% balance transfer, by another CC company.
Two years ago, I was paying 24% to Barclaycard - I rang them, telling them that I was not happy and was considering taking my business elsewhere - I got an immediate reduction to 12.9%.
Should not affect your credit rating.
Good luck.

Natlou_2

Thanks Rog2 - its worth a try I suppose as with such high interest and a high balance, I don't feel like it will ever get paid off
Cheers for the advice!