The Better Business Bureau (BBB) offers the following advice that consumers can take both short-term and longer range to help them obtain lower rates.
Contact your credit card company. While most interest rate hikes affect only customers who carry a balance, some customers in good standing have seen their rates increase as well. Anyone who believes their rates were increased by mistake should contact their credit card companies. There is evidence that credit card companies might be willing to negotiate rates in order to keep cardholders as customers, so it doesn’t hurt to contact the company and discuss options.
Pay off the account. If the cardholders don’t want to accept the new rates, they can choose to keep their current rates and pay off their outstanding balances, as long as they don’t make any new purchases. If any new purchases are made, the higher rates will be enforced.
Find a better deal elsewhere. Other credit card companies might be offering better deals, such as low introductory rates that will give the holders less expensive way to pay down debt. Shopping around may provide you a better deal.
Manage credit responsibly. According to banks, most rate hikes affect people who maintain balances on their cards or have rates that are too low for the market. Therefore, one of the best ways to avoid a sudden interest rate hike is to use credit cards responsibly which includes paying bills on time and not carrying a balance. HBM
For more information, go to www.bbb.org. As a private, non-profit organization, the purpose of the Better Business Bureau (BBB) is to promote an ethical marketplace.:
