I have to thank the advice of budgeting guru Gail Vaz Oxlade. On her show Til Debt Do Us Part she advised couples to call their credit card company and ask for a lower interest rate.
“You can do that?!” I thought. “No way!” I mean why would they do that? But, I spoke to a couple of people who convinced me so I decided to do it. I mean, what’s the worst that could happen? They say no?
So I called and asked. Guess what? They did it! Not only did they lower my interest rate from 21% to 16%, they set me up with a 1% cash back card. This doesn’t sound like much, especially since I am not a heavy credit card user, but every year it saves me about $100 bucks off my bill.
So, go for it. Pick up the phone now and call. What have you got to lose?