Get Your Credit Card's Existing Debt Balance Interest Rate Down to Under 3% Per Year, Locked In.
Aug. 24, 2009
You are not alone if you got a letter from your credit card company hiking your interest rate or cutting your line of credit. Millions of people just like you received the same letter.
If you pay off your credit card bill every month, the rate hike is irrelevant. If you carry a balance, you are in trouble.
All of this has come as a result of a recently passed law. Credit card companies are now required to give card holder a notice of any rate hike 45 days before the hike takes place. Some card companies are jumping the gun.
With the new law, you have time to shop around. Maybe it is time to go shopping. There are card-rating sites that list good deals.
www.CreditCards.com
www.CardHub.com
www.CardRatings.com
Sometimes credit unions give good deals. Maybe you are eligible to join one. Find them here: www.Creditunion.coop.
Anyone can join this credit union: Pentagon Federal Credit Union. Even if you are not associated with the military, you can join the National Military Family Association. This costs $20 per year. Find out more here.
There is another huge advantage. PenFed lets to pay a locked-in 2.99% on balance fees transferred from your present card. There is a 2.5% transfer fee initially.
Your existing card company may penalize you for doing this. It can drop your credit limit. It can argue that you now have another card. This lower credit limit could lead to a reduction in your credit score.
Find your credit score here: http://www.myfico.com/Products/FICOOne/Description.aspx