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Drop in interest rate

July 8th, 2011 at 12:36 pm

The interest rate that we pay on CC 1 dropped last month. It was 12.9% APR prior, and it dropped to 8.9% APR. That's about $30 less in accumulated interest per month. We didn't even have to call to ask for the rate change. I guess it has to do with the fact that we've faithfully paid that card, and all of our other obligations each month since October, and our credit scores are improving as a result.

An 8.9% APR is still highway robbery, but it sure beats 12.9%!

Posted in Credit Cards, Debt, Personal Finance | 3 Comments »

3 Responses to “Drop in interest rate”

  1. creditcardfree Says:
    July 8th, 2011 at 12:57 pm 1310129868
    1310129868

    That is VERY good news. I wonder if they would drop it more if you called. Let them know you noticed the rate drop and are very appreciative and wonder if they could drop it further. It doesn't hurt to ask.

  2. rob62521 Says:
    July 8th, 2011 at 03:14 pm 1310138043
    1310138043

    I think CCF has a great idea...you don't ask, you don't get!

  3. Jerry Says:
    July 8th, 2011 at 08:56 pm 1310158577
    1310158577

    That is a nice move in the right direction, and it certainly does lead to a lower payment. As mentioned above, I think that asking for another rate drop can't hurt, and it could offer you some insurance of additional financial benefit as well. The worst they can say is "no!"
    Jerry

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