Yep, your credit card company is trying to jack up your interest rates when your not looking:
Even after the Federal Reserve reduced their borrowing costs, the nation’s banks raised credit card rates and boosted profit from the consumer debt in the first half of 2009, according to a consumer advocacy group.
The Pew Safe Credit Cards Project said Monday the median lowest advertised credit card rate rose to 11.99% in July from 9.99% in December. At the same time, the group said, the profit banks made on credit card debt rose 46%.
The group, which says on its Web site that it seeks to “protect customers from unfair credit card practices,” said its figures are based on a survey of nearly 400 credit card issuers. The full results of the survey are scheduled to be published next month.
To make a long story short, remember that as a consumer, you have the right to negotiate your rates. If it is too high, ask them to lower it for you, if they decline, keep asking for the next person up until you see results. Be personable and friendly and nine times out of ten you will get your desired results. Don’t be a fool in 2009, read the fine print and make sure you pay at least the minimum balance every month. Good luck.
