Hey, just wanted to give you all a tip to call your CC companies and inquire for a rate decrease. I only use one of my CC's, so that's the only company I called. Here's what I got:
Wells Fargo Visa
$15,000 limit, $2,000 balance
APR 16.85% (prime + 8.6 variable rate)
had the card almost 2 years now (1 yr, 10 mo)
history: always payed on time, called to increase limit from $6k to $10k after first 6 months, and from $10k to $15k after first year.
They gave me two options:
1. prime rate + 2.9% (10.65%) which was variable based on the prime rate
2. 11.9 fixed for 7 months, then it would reset to the old one
I'm not sure why I would go with option 2, but I went with the variable rate, lowering my rate a whole 6 percent! Also, the rate's should go down another 0.25% in a month or so when the new Fed rate kicks in.
This took me about 5 minutes, and was cake. As soon as I got a Customer Service representative, I asked to lower my rate, and within 15 seconds they were reading my options off. Most of the time on the phone was actually spent after they approved it. They had to sit and read me the entire terms of the card with the rate, haha. Also, they did not have to do a credit check.
