YACCT: What does it mean when....

[Eli]

that you already have? 😕

It does have a lower interest rate than what I currently have. Should I fill it out and send it in? 😀 Or call them up and see if I can just be approved for the new interest rate, or what? 😕

 

[Mr N8]

Just call them and tell them you got the offer, and see if they can just give you the lower rate. Too many credit inquiries for new accounts can look bad for your credit score.

 

[mikebb]

I would call the card company and tell them you're getting flooded with offers in the mail for x.xx% APR; and that you're thinking of transferring your balance to a different company and closing your account with them. If you're nice about it, and have a good record with them, they shouldn't hesistate to lower your APR on the spot.

 

[Eli]

Hmmm... Looking at the offer more, I notice that it has a 3$/month(36$/year) membership fee.

My current deal has no membership fee, but my interest rate is 19.8%. :Q

The interest rate with the new offer is 12.9%. So does the lower interest more than offset the membership fee? The world may never know. :Q

😛

I only have 2 months of history, lol.

 

[Bryophyte]

If you get a better offer from your credit card company that says "pre-approved", they will *often* honor it if you phone and ask. I've done this when I got a preapproved offer with a low initial interest rate. I phoned, they gave it to me.

Edit: added "often"

 

[waggy]

just because it says pre-approved dont mean squat anyway. but call the CC company and see about a lower interest rate. though with only a 2 month history i wouldnt count on it.

I have had my 9% interest rate card for 2 years. i had an offer for a 6% one and tried to get them to lower my other one. they said no. but that was ok i pay it off every month anyway so i dont have any interest rate.

 

[Eli]

Originally posted by: Bryophyte
If you get a better offer from your credit card company that says "pre-approved", they will honor it if you phone and ask. I've done this when I got a preapproved offer with a low initial interest rate. I phoned, they gave it to me.

Heh.. it doesen't say "pre-approved", it says "pre-selected".. lol

 

[Shelly21]

Wow, your interest rate is "hella" high.

 

[Eli]

Originally posted by: Shelly21
Wow, your interest rate is "hella" high.

Yup.. but I guess that's better than having no credit at all, depending on your point of view.. lol

Like I said, it's just a starter card, 300$ limit. I'm greatful to them for giving me a chance to build some credit. 🙂

 

[RossMAN]

I would pass.

Build a good solid 12 months of credit history then you'll get even better "pre-approved" cc offers with 0% annual fee offers 🙂

MAKE YOUR PAYMENTS ON TIME even if you can only afford the min monthly due.

 

[Eli]

LOL... Check this.

My balance is $245.28. The minimum payment for this month is 10$, making my balance $235.28.

19.8% would be $46.59, making my balance $281.59. That means next month's payment would be $56.60(I think), making my balance $225.09 when paid.

:Q

Talk about needing the lube.

And yes, I'm going to pay it off by the due date. 😉

Originally posted by: RossMAN
I would pass.

Build a good solid 12 months of credit history then you'll get even better "pre-approved" cc offers with 0% annual fee offers 🙂

MAKE YOUR PAYMENTS ON TIME even if you can only afford the min monthly due.

Hmm.. So you don't even think it's worth the call?

 

[Ness]

Originally posted by: Eli
LOL... Check this.

My balance is $245.28. The minimum payment for this month is 10$, making my balance $235.28.

19.8% would be $46.59, making my balance $281.59. That means next month's payment would be $56.60(I think), making my balance $225.09 when paid.

:Q

Talk about needing the lube.

And yes, I'm going to pay it off by the due date. 😉

Originally posted by: RossMAN
I would pass.

Build a good solid 12 months of credit history then you'll get even better "pre-approved" cc offers with 0% annual fee offers 🙂

MAKE YOUR PAYMENTS ON TIME even if you can only afford the min monthly due.

Hmm.. So you don't even think it's worth the call?

Yeah, from the looks of it, you don't charge things enough to make it worth it. Intrest rate doesn't matter too much if you pay it off immediately.