Rate Cuts and Your Credit Cards
The fed’s lowered the interest rates- so taking out mortgages or refinancing existing mortgages would result in lower interest rates. The rates have dropped 2.25% since September.
But what about credit cards? Shouldn’t your credit card interest rates decrease, too? Seems some of the popular credit cards actually have increased their rates. Interesting. Check your credit card interest rate- if it hasn’t decreased, call up and ask why and if they can lower your interest rate. If they say no? Time to shop for a credit card with a better interest rate!
American Express and their Blue card had a rate decrease of .5% in October- but is now back to it’s 12.24% rate. Chase Freedom, from JP Morgan Chase went from 14.24% to 17.24% in January.
If you have the Citi Platinum Select card- you’re probably experiencing the rate decrease. Between September and January, the interest rate went from 10.24% to 8.49%.
What are your credit cards charging you? Try to take advantage of the rate decreases by getting your current card rate lowered- or getting a new card to transfer your balance to.
