Can I pay off credit cards and ask for some interest to be knocked off?
I am going to pay off 4 credit cards. I want to pay these off and close the accounts and will cut up the cards. When I call to do this, I want to ask if they can knock off some of the interest since I am paying them off. Also I have some late fees applied to them. Do you think they will do that? How should I ask? Thanks.
Tags: 'interest, Cards, Credit, knocked, Some
You need to make sure that you absolutely DO NOT TELL THEM that you will be cutting up the cards after paying them back. They will not want to lose you as a customer, and therefore are very very likely to refuse an interest cut.
What you should do however, is explain to them that the current interest rate is too high, and possibly research around for alternative credit cards that offer better rates, and just drop a hint that you may switch over to them if your interest rates aren’t lowered.
If it doesn’t work, pay off for your credit card as best as you can, remember to be on time, and then ask once again and ‘remind’ them about your good recent credit history.
Most companies will waive a late fee once per year without questions asked.
If you are not going to use the cards after paying them off then having the interest rate reduced will not make a difference.
Tips to remember when paying off cards.
Make sure you pay the ones with the highest APR first.
After paying them off do not close the account. This will negatively impact your credit score. You can destroy the cards, but leave the account inactive for at least two years before closing. By that point the impact on your credit will be negligable.
absolutly if you are a valued customer of the bank they will do this willingly but make absolute certain that you are always on time or ahead of your card payments
You can ask, but there is no requirement for them to agree. The terms of your original credit application clearly state your interest and related service charges. So, technically, you are obligated to pay them.
If your accounts are in arrears and possibly collection, they are much more receptive to giving you a break. If not, and your credit is good and you just want to pay them off, pay them off and protect your credit. It’s worth it in the long run to have a good rating than to have settled on your bureau.
To make your request, call the customer service number on your credit card statement.
you can call your card company and request an interest reduction, don’t I repeat “DO NOT” close your accounts just destroy the cards instead if you want to keep from using them this way you will still have a credit rating.
It depends on your credit scores. The interest on your credit cards reflect your credit score the high the score the lower the interest rate. you can call them and see if they will lower the amount.