So I'm planning to call up my CC company tomorrow and ask them to lower my rate. Currently it's the default pwn you 22.99%. It was my first credit card that I got for college to help build my credit rating up. They've upped my limit twice to almost double what I started with. I've never made a late payment, and will carry a balance about half the time (less than $300 or so).
That being said, I got an offer from a different company that I'm probably going to take up, and transfer my balance to, even if my current CC's rate gets lowered. The new card is 0% for the first 15 months, 12.49% after that. Reading through the stuff on the app though it doesn't state what my limit would be, but it also doesn't state that there are any annual fees, and they've got a free rewards program for airline tickets.
I doubt they'd drop my rate enough to compete, but even a drop would be nice. I'm also debating on keeping the line open after opening the new card. There aren't any fees associated with it, so I don't see the harm in leaving it alone.
Update: Well, WellsFargo keeps shooting themselves in the foot with their services. The rep I spoke with said that there was no way for her to lower the rate, but that she would send a request to the XOffice and they would send out a notice within 45 buisness days as to weather or not they will offer to lower the rate. Then I have to call based on what they send out to confirm that I want to lower my rate. What a joke.
I got approved for the 12.49% card though. No fees, not nothin. And there's no mention of fees for a balance transfer either. I should get the card before the end of the month. I'll have to call to activate it, obviously. When I do, I'll be able to ask about the balance transfer, and make sure there isn't a fee. If there is no fee, I'll just make the minimum on my current card, and toss it all to the new one, and pay it off in a little while. And it's a flat 3.99% intrest on any balance transfer.
The limit on the new card is also 3x the limit on my first card initiall. I guess I'm being financially responsible, n stuff.
That being said, I got an offer from a different company that I'm probably going to take up, and transfer my balance to, even if my current CC's rate gets lowered. The new card is 0% for the first 15 months, 12.49% after that. Reading through the stuff on the app though it doesn't state what my limit would be, but it also doesn't state that there are any annual fees, and they've got a free rewards program for airline tickets.
I doubt they'd drop my rate enough to compete, but even a drop would be nice. I'm also debating on keeping the line open after opening the new card. There aren't any fees associated with it, so I don't see the harm in leaving it alone.
Update: Well, WellsFargo keeps shooting themselves in the foot with their services. The rep I spoke with said that there was no way for her to lower the rate, but that she would send a request to the XOffice and they would send out a notice within 45 buisness days as to weather or not they will offer to lower the rate. Then I have to call based on what they send out to confirm that I want to lower my rate. What a joke.
I got approved for the 12.49% card though. No fees, not nothin. And there's no mention of fees for a balance transfer either. I should get the card before the end of the month. I'll have to call to activate it, obviously. When I do, I'll be able to ask about the balance transfer, and make sure there isn't a fee. If there is no fee, I'll just make the minimum on my current card, and toss it all to the new one, and pay it off in a little while. And it's a flat 3.99% intrest on any balance transfer.
The limit on the new card is also 3x the limit on my first card initiall. I guess I'm being financially responsible, n stuff.
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