Knowing The Myths and Facts about Annual Percentage Rates of Credit Cards
Do You Keep A Track of The APR of Your Credit Card on A Routine Basis? What is The Importance Behind This Monitoring?
At the superficial level, you will find that all banks offer lucrative policies which may benefit you in the days to come. But then, if you are not confident in making a careful choice, then you will land into trouble in the days to come. Most of the banks in order to get hold of more and more customers offer reduced rates initially. Once they are successful in getting hold of an increasing number of customers, their next step is to increase the rate of interest.
Will The Bank Listen to You if You Want to Reduce The Rates of Interest?
Though it may seem unbelievable, but then, the truth is that you can indeed convince the bank. You can put forward an intimation of infringing the deal to the bank. If your bank considers you to be a great customer, then you are no way at a loss. In fact, your bank will be losing something great by closing the deal. The bank can also lower the rate of interest if it is clear from your transaction history that you have been a regular customer and managed your transactions well. The bank can also reduce the interest, because it also needs to retain you. Why? Well for the simple reason that:
- The bank needs to invest a great deal of amount for getting hold of a new client.
- The operations that the bank executes depend on the credit score of the customer and are indeed an intense one.
- Different banks compete consistently so as to convince various clients for their advanced schemes. And if any customer opts for their new schemes, then it's indeed a profitable deal for the banks.
Is It Possible for You to Add to Your Savings? If Yes, How Much?
You won't be able to save any fixed amount. Considering that your present rate of interest is 18%, you may also compel the bank to lower the interest rate to as low an ten percent. This is perhaps an ideal way through which you can save enough money. The savings that you can earn usually is based on two factors. The first factor is the amount that you pay on a monthly basis and the second factor is the total amount which you owe.
Last, but not the least, you can also choose debt consolidation if you want to lower your debt.