Re: Bumped credit card interest rate!
Call the cc company and ask them for their best contract rate. If you are customer in good standing and have good credit they should offer you a much better rate. The majority of cc companies have been switching their customers from fixed rates to variable rates because of the rising interest rates the bank have to pay each other for loans.
I called my cc company about three months ago and asked to be switched back to a fixed contract rate. Make sure it is a contract rate and not a promotional rate! Promotional rates expire and then they will try to put you into the highest apr category they can.
Most people wind up paying more interest than they need to (based on their credit rating) because the cc companies know that the majority of people will just accept it and not call to ask for a diffferent rate.
In fact, sadly, many people only look at the box with the minimum payment due and don't even compare their cc rates to see what they are really paying for credit.
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