How I reduced my interest rate by 9%
Posted by Koki Mourao | July 24th, 2009 | Help & Tips
I can’t believe it myself but it is possible and it has happened to me! I have always read about this and wondered… What is the catch?
Apparently, there isn’t one.
First, a bit of historic background:
I do have a Starwood Hotels American Express credit card. I really like this card because I can transfer my StarPoints into American Airlines Addvantage program miles for an excellent ratio of 1:1.
I try to pay above the minimum at least 3 times a month as a way to reduce/eliminate my debt. While doing so, I noticed that Amex increased my credit line from U$3000 to around U$7000 which can sound interesting but I actually see it as a trap to keep me in debt.
I also try to carry very little debt (around U$1000) and my credit is not excellent, actually it is pretty average (around 655 points).
So when I started to look into the rate reduction possibility it was with a lot of pessimism.
After reading a lot of blogs and other people’s comments, I gained courage and decided to call the number on the back of my card…
After a few electronic prompts I reached a human being called James. I was extremely polite to James and literally told him I was paying above minimum 3 times a month and that I wanted to prepare myself against the economic slowdown-I needed to look into rate reduction possibilities.
To my surprise, after a few more minutes, James came back and informed me that my rate was reduced by 9%…
Tags: credit history, rate reduction, reduce debt, reduce interest rate
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