I took a look at Alison’s credit card bill yesterday and was shocked at the 19.4% interest rate.
Did you make a late payment I asked? When she got the credit card it was around 9%, but now at 19.4, I was concerned.

I asked her to call all her credit card companies and to find out the balance, limit, and interest rate for each card. She found out that rate she initially got was an introductory rate. That rate has now vanished. Same thing is true with the other credit card.

This is an outrageous fee, and everyone knows it, including the credit card companies. But, luckily for you, there is a way to become somewhat of the shot caller when it comes to the interest rate you get.

Simply call your credit card company up, and say “Hey, I don’t think this rate is fair. I am just going to accept another credit card at a lower interest and pay this one off if you don’t lower my rates”. Guess what happens? They lower your rates.

Now of course if you make late payments, or have credit blemishes, you won’t have much leverage. But for those of you who pay your bills on time, call your credit card company and ask for a lower rate. Chances are, you will get it.

Cheers, Jason

PS. Alison got her rate down to 14%…………..Still a total rip off…….