11 June 2009

Credit Card Interest Rates

I'm sorry for not blogging much, but family health issues and preparing for the move to the US are somehow sapping my energy for theology blogging.

Here's an interesting experience, though.

In advance of our move to the US, I rang one of my credit card providers to cancel my card. Both Wonderful Husband and I try to pay off our credit card balances at the end of the month. In the process of canceling, I was told that because of my 'excellent' track record, they were prepared to lower the interest rate on the card by about 4 percentage points. (From about 15.5% to 11.5%)

Although that's not terribly meaningful if you pay off your balance at the end of the month, there
are times when we use a credit card to take two or three months to pay for larger items.

Like many people, I've tended to leave my financial arrangements in place rather than asking for a better deal.  And, apparently, at least one company is prepared to try to offer a deal if they want to keep your custom.  It's the principle of 'If you don't ask, you don't get.'


Doorman-Priest said...

Isn't inertia wonderful?

Daughter of Wisdom said...

I myself have paid off all my credit cards and am now credit card debt FREE. I have even cancelled one card to reduce my credit card exposure to identity theft/illicit charges.

I commend you for taking control of your finances. It way cheaper to pay with cash than credit cards but sometimes we have to borrow. Borrowing should however be few and far in between if we want to keep our finances in our control, and not in the control of the lender.

Just some unsolicited comments:)

ClosetedBaptistLesbian said...

hey, just wanted to let you know I'm blogging again :)

Sally said...

Having been a victim of my own greed I echo Daughter of Wisdoms comments.

Having said that it is interesting how many companies will offer better deals to those they consider to be good customers.

My concers are for my children who live with ever increasing University debts... maddness, utter maddness...

PamBG said...

Wouldn't it be good if it were possible for all of us to live within our means.


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