Any tips for dealing with CC companies?

I have one card I've had for about 4 or 5 years. I had an excellent payment history, but then I got a notice saying they were raising my itnerest rate to 29.99%. When I called and asked why they said they reviewed my credit and basically that's all they could say. My credit is not bad. It's not excellent, but it's not bad. My major problem is that I'm young, so my credit history is short. Also I have some late payments on other cards several years ago. There's nothing NEW that should make them raise it.

NOW, my dopey FH told me he paid it, but apparently he didn't, so they gave me a courtesy call that my payment was late and had never been late before... and so they gave me a late fee, then the late fee put me over the limit so they gave me an overlimit fee. My minimum payment wound up being like $250!

And now with this interest rate, I am getting $40 in interest a month! Is there any way to negotiate with these people?

If not, are there any 0% credit cards for people with "ok" credit? I am really getting slammed on this card and not getting ahead.

it stinks because this was my main card, so I had the highest balance on it, but I was chipping away at it before they lowered the limit AND raised my rate!

It stinks because I have been paying everything on time for years!

Re: Any tips for dealing with CC companies?

You can get your APR lowered......because 29.99% is RIDICULOUS!

I would call and talk to someone, then ask for a supervisor if you have to!
I also threaten to pay off card and close it.
I know you have a balance but if its a one time late payment, they may work with you.

Your best solution may be to do a balance transfer. Have you had any offers in the mail? I get them constantly and the 0% is usually for a small time period and worth doing.

Message edited 3/20/2007 2:27:15 PM.

Re: Any tips for dealing with CC companies?

Re: Any tips for dealing with CC companies?

I would start looking for a card with a low balance transfer interest rate.

Then call your current CC and tell them that unless they match the interest rate, you will be doing a balance transfer and closing the card.

HTH.

Re: Any tips for dealing with CC companies?

I would call them as well and tell them that that interest rate is insane. If they won't work with you then try to find a card that you can transfer the balance to at a lower interest rate.

Re: Any tips for dealing with CC companies?

Posted by baghag

I would start looking for a card with a low balance transfer interest rate.

Then call your current CC and tell them that unless they match the interest rate, you will be doing a balance transfer and closing the card.

HTH.

Message edited 3/20/2007 2:33:11 PM.

Re: Any tips for dealing with CC companies?

What is that website to compare different cards?

Re: Any tips for dealing with CC companies?

I had an issue with one of my cards when I switched to on line bill pay- I didn't realize that for 1 card they were sending a check- so it was late by 3 days

they jacked up my rate on that card and another citibank card- but I was able to talk them back to old rate since it was the first and only time I was late

if you don't like the answer you get- ask for the supervisior-

Re: Any tips for dealing with CC companies?

Most cc companies will let one late payment slide. If you call and explain the situation, most likely they will remove the late payment penalty. But they warn you it's a one time deal.

If you can get a card with a lower APR (not even 0%), it's worth it to transfer the balance. Start with one card and transfer as much as you can but leave room for the transfer fee and finance charges for a few months. Then transfer the remaining balance of the 29.9% card 6 months later. Pay as much as you can to the card with the higher interest rate.

You can try calling every 3 months to request them to lower your APR.