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CLIT
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excellent credit, could I get a lower credit card rate then?
#22210571 - 09/09/15 01:58 AM (8 years, 4 months ago) |
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I was able to get a lower APR for my car loan/payment at 0.9% APR due to my credit being excellent, so how can I get a lower rate on my credit card? Do credit cards even lower their rates based on my credit (or not since credit card companies are technically what builds up one's credit rate, right?)? The APR that my credit card has is about 14.24%, I think. I'd have to look more into this otherwise I'll be shopping around for a better rate.
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LunarEclipse
Enlil's Official Story


Registered: 10/31/04
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Loc: Building 7
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Re: excellent credit, could I get a lower credit card rate then? [Re: CLIT]
#22210941 - 09/09/15 07:03 AM (8 years, 4 months ago) |
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Why would anyone borrow money by charging things then not pay in full every month? The banks hate it when you don't pay their exorbitant interest rates BTW. They call such people "deadbeats".
Only buy that which you can pay off in full. Be a deadbeat it's a good thing.
-------------------- Anxiety is what you make it.
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Brian Jones
Club 27



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Re: excellent credit, could I get a lower credit card rate then? [Re: CLIT]
#22215432 - 09/10/15 03:47 AM (8 years, 4 months ago) |
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Yes with good credit history and Fico score you can definitely get a better rate of interest. What's even better when you get the good cards, you will get balance transfer offers that makes your debt interest free. Once you establish a good history they want you and will compete for u.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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geokills
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Re: excellent credit, could I get a lower credit card rate then? [Re: CLIT]
#22216187 - 09/10/15 09:58 AM (8 years, 4 months ago) |
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While it is true that good credit will afford you better rates on credit cards, credit card interest rates are never ideal. If you have outstanding credit card debt that you are paying interest on, I would take Brian Jones' advice about using a 0% interest promotional balance transfer to a new card so that you can avoid the interest payments for a year or two (or however long the promotional period may be), or failing that, a peer-to-peer lending service like LendingClub.com or Prosper.com where, provided you have good credit, you can pay off your outstanding credit debt with a new loan at a lower interest rate than credit card companies will offer you. If you don't have outstanding credit debt, I second Lunar's advice about spending within your means and paying off your bill every month. Don't forget cards with good rewards programs, such as Citi's DoubleCash card, which gives you a 1% cash bonus on all expenditures, followed by an additional 1% bonus on any payments you make, for a net 2% reward on your credit card activity.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Stonehenge
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Registered: 06/20/04
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Loc: S.E.
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Re: excellent credit, could I get a lower credit card rate then? [Re: geokills]
#22218753 - 09/10/15 08:59 PM (8 years, 4 months ago) |
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All that is true, I get offers in the mail all the time for cards, usually with a balance transfer option. I usually toss them out but the ones I glanced at offered 0% or a really low rate for up to a year or year and 1/2. If you are not getting those offers it may mean your present level of debt looks high which may limit your options.
I was tempted by the citi 2% offer but I don't charge that much and my present card gives 2% on groceries which is the main thing I charge and 1% on everything else. But it has a limit of $1500 per 3 months that they will pay the bonus on so once in a while I go over the limit and don't get a reward on the overage. I pay in full each month of course. But that is a small thing and I don't want another card just for rare occasions but it is tempting.
Look on websites that list credit card offers. You can compare rates and features side by side. The most ridiculous offer I got in the mail was for the "black" card. It had loads of perks I didn't need and seemed aimed at high rollers who spend a lot which I am not. It had an annual fee of $500. Some cards give travel bonus points, some give cash back, some rotate categories you get paid back on. Many have no annual fee, many have a fee but low interest rates and that ever popular 0% transfer.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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geokills
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Re: excellent credit, could I get a lower credit card rate then? [Re: Stonehenge]
#22221184 - 09/11/15 10:14 AM (8 years, 4 months ago) |
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FYI, there are cards that will give you better grocery rewards out there, if that is your predominant concern: http://www.wisebread.com/the-best-5-credit-cards-for-groceries
I use three primary cards:- Costco TrueEarnings Amex (Costco is severing their relationship with Amex unfortunately): 3% back gas, 2% travel and dining, 1% everything else
- Citi DoubleCash: Net 2% reward on any purchases with no limits
- Chase Freedom: 5% back in rotating quarterly categories (groceries and gas are most relevant to me), up to $1500 max spending per quarter to qualify for 5% reward, 1% back on everything else.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Stonehenge
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Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: excellent credit, could I get a lower credit card rate then? [Re: geokills]
#22221322 - 09/11/15 10:53 AM (8 years, 4 months ago) |
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Geo, I did see one card on that list which was interesting. The Blue Cash Everyday by am express which gives 3% on groceries on up to $6k of purchases per year. That is an extra $60 a year and no annual fee. It goes to show that even if you are happy with your cards you can often find a better deal. Now I have to decide if its worth the bother to get the card. They say $100 bonus back after you spend $1000 in first 3 months. If I get it I will cancel my slate card probably since I never use it.
As for gas, I get a 20% discount buying gas cards at a local supermarket which has that promotion often. I charge it and get another 2% off that since my card considers it groceries. Now that I have a very fuel thrifty car I may not buy any gas for another year, lol.
While we are on the subject, I have all my cards as well as utilities etc on auto pay which means they send a bill but it gets paid out of checking automatically without me doing anything. I highly recommend this service and most banks, cu's, s+l's etc offer it.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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Bud Fuggins
Bolete picker



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Re: excellent credit, could I get a lower credit card rate then? [Re: geokills]
#22226315 - 09/12/15 09:26 AM (8 years, 4 months ago) |
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Quote:
geokills said: While it is true that good credit will afford you better rates on credit cards, credit card interest rates are never ideal. If you have outstanding credit card debt that you are paying interest on, I would take Brian Jones' advice about using a 0% interest promotional balance transfer to a new card so that you can avoid the interest payments for a year or two (or however long the promotional period may be), or failing that, a peer-to-peer lending service like LendingClub.com or Prosper.com where, provided you have good credit, you can pay off your outstanding credit debt with a new loan at a lower interest rate than credit card companies will offer you. If you don't have outstanding credit debt, I second Lunar's advice about spending within your means and paying off your bill every month. Don't forget cards with good rewards programs, such as Citi's DoubleCash card, which gives you a 1% cash bonus on all expenditures, followed by an additional 1% bonus on any payments you make, for a net 2% reward on your credit card activity.
I used the Chase Slate card. I'm sure there's some kind of an end-game involving the customer not following through, so this is really for people in a sort of "up and coming" situation, where you can finally stop using credit cards and pay it down faithfully.
It has 0% on balance transfers. There's also no fee to do the bal. xfr. You also get 0% on purchases for the first month or two and paying a student loan, for instance, is considered a purchase. They wouldn't tell me before I actually got the card if my limit would cover the balance of my other card but I remember something about him offering to submit something to start the transfer? I can't remember. Anyway, they gave me $3,200 limit and I xfrd around $2700 from my CC bal and about paid $500 on student loan and none of it cost any interest and I maxed out the card and had a 0 balance on my old card.
You have 15 months to pay interest free. For me it's $213 per month. I'm down to $1000 now and have 5 months left; then I plan to close the card down and open another one, (will prob have to get a diff. card I'm sure you can't just do this over and over but who knows), prob a 0% on 30 day purchases and 0% apr for X type card. Let me know if anyone knows a good match for me. I want to pay off my S. Loans.
Edited by Bud Fuggins (09/12/15 09:31 AM)
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Stonehenge
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Re: excellent credit, could I get a lower credit card rate then? [Re: Bud Fuggins]
#22227105 - 09/12/15 01:28 PM (8 years, 4 months ago) |
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Sounds like a good deal, bf. Many people do the transfer game shuffling around debt to save interest.
Speaking of rebates on grocery purchases, by coincidence today I got a cc card offer from a bank I do business with. It gives 5% rebate for a year then it goes down to 2% and if I put my rebate in an account I have with them, they give an extra 10% of the rebate. In the fine print it says the extra will be 25% if its a signature advantage account, whatever that is.
I got another card offer today as well. Its almost like they found out I was talking about it and started cranking out the offers. This one says I get $100 rebate if I spend $500 in the first 90 days. Its for business owners, it gives 3% back on business supplies and gas, 1% on everything else.
The 5% rebate on groceries is great for the first year and I already have saving and checking with them so I would get 5.5% or maybe 6.25% if I make one of my accounts signature advantage but that probably means a monthly fee. But then after the first year I could use my other grocery rebate card and when I get near the limit use the new one and if I have a sizeable purchase, I will get the 1% in any case. With my present rebate card and the new one, its 6k max per year that get rebates. But no way I would spend over 12k a year and put it on a card.
Its all so complicated. I think I will close my slate account first then get the new 5% card.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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All We Perceive
Sea Cucumber



Registered: 09/24/07
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Re: excellent credit, could I get a lower credit card rate then? [Re: Stonehenge]
#22238410 - 09/14/15 08:10 PM (8 years, 4 months ago) |
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be aware that if you shift credit cards to get an interest rate deal, if you are late on one payment, it will shoot up to like 20-30%. I had a 6 month free credit card and was like that's cool... until I was 20 minutes late one time and it jacked my interest rate 27%.
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"plus they atually think jambands are good or sumthing, so they clearly know absolutely nothing about music, clearly lol" -Bassfreak
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Bud Fuggins
Bolete picker



Registered: 09/11/14
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Re: excellent credit, could I get a lower credit card rate then? [Re: All We Perceive]
#22238866 - 09/14/15 09:57 PM (8 years, 4 months ago) |
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Quote:
All We Perceive said: be aware that if you shift credit cards to get an interest rate deal, if you are late on one payment, it will shoot up to like 20-30%. I had a 6 month free credit card and was like that's cool... until I was 20 minutes late one time and it jacked my interest rate 27%.
I never knew this, thanks!
I looked into the card I have now, it looks like they don't do any "penalty apr"!
http://www.nerdwallet.com/blog/credit-cards/chase-slate-no-penalty-apr/
Looks like they charge $35 fee though and may report your ass. You can set up auto pay for the minimum balance though; unfortunately it doesn't let me set up for what I actually want to pay.
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Stonehenge
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Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: excellent credit, could I get a lower credit card rate then? [Re: Bud Fuggins]
#22240144 - 09/15/15 08:21 AM (8 years, 4 months ago) |
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Do autopay for the min and send a check from time to time for more.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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Stonehenge
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Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: excellent credit, could I get a lower credit card rate then? [Re: Stonehenge]
#22247487 - 09/16/15 06:59 PM (8 years, 4 months ago) |
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I signed up today for the 5% rebate card. With direct deposit it means I will get an extra 10% rebate or 5.5% total rebate on groceries which is super. I'm thinking about getting a fancy account, I have to transfer 25k in but it pays .5% interest on money market compared to the .2% or whatever I'm getting now at another bank. And, they give you a free safe deposit box with the account. And if I get that then I get 6.25% rebate since they give you 25% more rebate with the 25k account. But I dunno.
That is only for the first year. Its a little complicated, but after the first year I still get 2.2% on groceries with the rebate or 2.5% rebate on the 25k account. There is no monthly fee as long as I maintain 25k in the account but then its sort of like a cd in that you can't take it out without paying a fee but also losing part of the rebate and the free sd box. If I simply put the 25k in a cd I could get more than .5%, probably over 1% which is $250 a year or 125 more than the money market which pays for more than a sd box.
I already had another account with the bank I'm getting the new card at and they are close by so getting the extra .2% rebate was a gimme, and they will do autopay which is nice. But putting 25k in to get more rebate has strings attached. What if I see a better investment opportunity down the road? That's why I kept it in money market at the other bank so I can grab it on a moment's notice. I just grabbed some out to buy a car which I decided on over a period of a few days then went out looking. I'm glad I did, I was tired of driving a clunker, it was always the junkiest one in the parking lot or on the road. The windshield or something leaked and I had to put newspapers in to soak up the water. A pain as you can imagine. I do have cash I can grab but many things you can't buy with cash and no paper trail without problems. Cash in the bank can be spent more easily.
They told me my fico score. I won't brag but its about as high as you can get. I thought you had to be rich and spend a ton to get such a high rating but I guess not.
The moral of the story is read the fine print carefully before accepting any offer. I feel good about this new card because its a few hundred dollars extra the first year and a higher rebate after that. Plus I still have my old rebate card in case I go over the max and can use the other card so I at least get 2%. I said I did not need a big limit but they gave me a huge limit. I asked if the banker could lower it and she said no but after I get it I can call in and lower it if I wish.
Having two rebate cards means I can buy non groceries with the 2% card and get that and still be able to get the 5.5% on the new one. Not that I charge a lot of stuff but a few times I was close to or over the rebate limit. Not the charge limit but the limit at which you still get rebates.
I get offers all the time for up to $500 for opening a checking account. Sounds good right? But there are many strings, min balance of maybe 5k or more, monthly charges, you have to have direct deposit, and or other things. Read the fine print.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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Shroomism
Space Travellin



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Loc: 9th Dimension
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Re: excellent credit, could I get a lower credit card rate then? [Re: geokills]
#22279863 - 09/23/15 05:40 PM (8 years, 4 months ago) |
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Quote:
geokills said: While it is true that good credit will afford you better rates on credit cards, credit card interest rates are never ideal. If you have outstanding credit card debt that you are paying interest on, I would take Brian Jones' advice about using a 0% interest promotional balance transfer to a new card so that you can avoid the interest payments for a year or two (or however long the promotional period may be), or failing that, a peer-to-peer lending service like LendingClub.com or Prosper.com where, provided you have good credit, you can pay off your outstanding credit debt with a new loan at a lower interest rate than credit card companies will offer you. If you don't have outstanding credit debt, I second Lunar's advice about spending within your means and paying off your bill every month. Don't forget cards with good rewards programs, such as Citi's DoubleCash card, which gives you a 1% cash bonus on all expenditures, followed by an additional 1% bonus on any payments you make, for a net 2% reward on your credit card activity.
Good advice. I had some outstanding credit debt and medical debt I didn't like with a high interest rate and I ended up transferring it to another card with free balance transfer and 0% interest for 1 1/2 years or whatever. When I couldn't pay that off in time, I ended up getting a loan from lending club at waaay lower interest than I would have been paying, paid off all my debts with that and condensed it all down to that one single stable payment, definitely made things a lot easier and my credit has gone way up since paying off those debts. Feels good to be close to debt free. I normally think loans are a super terrible idea as there's a lot of predatory loan companies, but peer-to-peer lending like lending club is super legit and a very good means of debt consolidation for some people.
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CLIT
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Re: excellent credit, could I get a lower credit card rate then? [Re: Shroomism]
#23221172 - 05/13/16 03:57 AM (7 years, 8 months ago) |
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I'm not sure credit card companies would comply to my needs in lowering my rates and or offer cash backs on an individual basis because this would be time consuming for them. Instead of keeping my current credit card that has an annual fee and no cash back offers, should I close this and opt for a different company offering no annual fee, has 1.5% unlimited cash back on every purchase, and 0% intro APR?
I don't let my debt hang around for it to collect interests to begin with (I'm a "deadbeat" to the card company) so why should I hold on to a card with an annual fee when I could go with another one without, and with 1.5% unlimited cash back on every purchase? I'm curious if this cash back becomes "credit" to pay off the "debt" or is it free cash for me to use however I want? Do I get penalized for canceling the other card?
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LunarEclipse
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Re: excellent credit, could I get a lower credit card rate then? [Re: CLIT]
#23230918 - 05/15/16 05:55 PM (7 years, 8 months ago) |
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Quote:
CLIT said: I'm not sure credit card companies would comply to my needs in lowering my rates and or offer cash backs on an individual basis because this would be time consuming for them. Instead of keeping my current credit card that has an annual fee and no cash back offers, should I close this and opt for a different company offering no annual fee, has 1.5% unlimited cash back on every purchase, and 0% intro APR?
I don't let my debt hang around for it to collect interests to begin with (I'm a "deadbeat" to the card company) so why should I hold on to a card with an annual fee when I could go with another one without, and with 1.5% unlimited cash back on every purchase? I'm curious if this cash back becomes "credit" to pay off the "debt" or is it free cash for me to use however I want? Do I get penalized for canceling the other card?
You get rewarded for cancelling the other card. It's smart to close it out just in case someone frauds you with some identity theft. Win win.
-------------------- Anxiety is what you make it.
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blackhawk
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Re: excellent credit, could I get a lower credit card rate then? [Re: LunarEclipse]
#23231678 - 05/15/16 09:42 PM (7 years, 8 months ago) |
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I've heard of people calling to get the annual fee waived for the capital one secured card. Not sure if they'll void it on other cards, though
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CLIT
Stranger
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Re: excellent credit, could I get a lower credit card rate then? [Re: blackhawk]
#23240622 - 05/18/16 02:40 AM (7 years, 8 months ago) |
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so if I cancel out the card for its annual fee alone as the reason, would the card company waive it then if I say I'm moving on to another company? Is that what you're saying? I'm still contemplating here because the credit line I have with this card is double digits. Not sure what the new card company would give me as far as credit line goes (which I have no use for now to begin with).
Quote:
blackhawk said: I've heard of people calling to get the annual fee waived for the capital one secured card. Not sure if they'll void it on other cards, though
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blackhawk
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Re: excellent credit, could I get a lower credit card rate then? [Re: CLIT]
#23240957 - 05/18/16 06:02 AM (7 years, 8 months ago) |
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I've just seen them do it because people wanted their secured deposit back and instead of giving that back, they'll lower interest rate or waive the annual fee.
https://www.reddit.com/r/churning/comments/3vogy5/call_to_get_annual_fee_waived_has_it_worked/
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