CREDIT CARD RATINGS

2008 EDITORS CHOICE - BEST STUDENT CREDIT CARDS Best Student Card to Build / Re-Build Credit HSBC Orchard Bank Platinum MasterCard® [Read Review] Best Student PLATINUM Credit Card Bank of America® Student Platinum Plus® Visa [Read Review] Best Student CASH BACK Credit Card Capital One® No Hassle Cash(SM) Rewards for Students [Read Review] Best Student GAS Credit Card Discover® Open Road(SM) Card for Students [Read Review] Best Student REWARDS Credit Card Chase +1(SM) Student MasterCard® [Read Review] Best Student PERSONALIZED Credit Card Discover® Student Card - Monogram Collection [Read Review]

Lowering Your Interest Rates

A good bargain does wonders for you and brings a smile on the gloomiest face. On the other hand paying more than the value of what you have bought or borrowed can make you feel dejected. A good way to save is to pay the lowest possible rate of interest.

If your credit card has a high rate of interest wishes won't lower it, you'll have to speak up and ask for better rates. However, with a variable-rate card you pay lower rate of interest if the rates start to drop.


Look into your own record and then switch

The first and the simplest way is to talk to your credit card company and request, maybe even demand them to lower their rates. Unless you are a very important client of theirs or have some influence this may not work. All businesses are begun to make money and so none of them will part with their money unless there is a strong motive behind it.

Another way is to look into your credit card company's competitors. Almost everyday an average American gets credit card offers through mail. It would just require a little time to sift through all the junk mail and find some suitable offer. It would then mean simply pointing out to your existing card company that either they decrease their rate to a more favorable one or you don't mind switching your loyalty to another card company.

It's easy to hang a sword over your card company's head. But before you do so you should look into your own track record. Have you made late payments, if so how many times? Have you crossed over your credit limit often? If the answers to these questions are not in your favor think twice before stepping over to another company as may get a scornful remark instead of lower interest rate.

A Change For The Better

Certain promotional offers are so amazing that your existing card company will not be able to match up to them, irrespective of your good credit record. In that case you could think about getting a new card.

Switching over to a card with a better rate is of course cost saving but you should weigh all pros and cons before finalizing. Introductory offers do not go on forever. They are there for a short while after which they go back to their regular high rates. So before rushing into something that not be profitable after sometime, it's best to weigh all the features of your current card against any other and then decide. You may be surprised to find that retaining your old card may be a wiser proposition.

In case you do decide that another card will be more cost-effective, then go and get it but don't forget to close the old one. If you end up having two cards the purpose of maximizing your savings will be defeated, as any unpaid balances on your old card will negate the savings on your new card with a low rate.


Store Cards - Not A Savings Option

Department stores also have their own credit cards. Generally these cards carry an interest rate of 18 to 22 percent sometimes even touching 30 percent. These card issuers do not negotiate, it's take them or leave them policy. It's better to leave them. So take your attention off your VISA and MasterCard and concentrate on giving up your department store card. Destroy your store cards and begin using your low rate credit cards immediately.

First pay off or pay down your balances on your store cards by getting a cash advance on any of your major credit cards. Remember that cash advances carry fees for using the facility. So make sure that it's worthwhile paying those fees while trying to save on interest. Once you have paid off the store card balances close the accounts immediately.

In Conclusion

It's the age of ‘Consumer is the King'. With endless competition in the market you will always find a deal to maximize your savings by paying low interest on your cards. It may be in form of a low interest card or lowering the rate on your existing credit card. So speak up- you deserve the best.

2008 EDITORS CHOICE - BEST STUDENT CREDIT CARDS Best Student Card to Build / Re-Build Credit HSBC Orchard Bank Platinum MasterCard® [Read Review] Best Student PLATINUM Credit Card Bank of America® Student Platinum Plus® Visa [Read Review] Best Student CASH BACK Credit Card Capital One® No Hassle Cash(SM) Rewards for Students [Read Review] Best Student GAS Credit Card Discover® Open Road(SM) Card for Students [Read Review] Best Student REWARDS Credit Card Chase +1(SM) Student MasterCard® [Read Review] Best Student PERSONALIZED Credit Card Discover® Student Card - Monogram Collection [Read Review]