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Are you currently carrying a credit card with a ridiculously high interest rate? You may have been late on (or even missed) a payment or two on your credit card when you were going through some rough economic times. But for the past several months, you’ve been a model credit card customer: paying your bill on time, staying underneath your credit limit, etc. However, you’re still stuck paying that very high “penalty interest rate” (which averages about 30% these days) that was assessed during your financial difficulties. And it doesn’t seem fair to you.
Well here’s some good news: as of August 22, credit card companies are required to review your interest rate if you have made appropriate payments on time for at least six consecutive months. These reviews must take into account creditworthiness, market conditions, and other relevant data. For many, this may result in a lower annual percentage rate – peraps even back to regular levels.
But credit card companies being what they are, you may have to take the initiative yourself to get the lower rate. Don’t be afraid to gather proof of your payment records and call the credit card company to demand a review of your account. If for some reason you do not qualify for a rate reduction, make your credit card issuer tell you the exact reason. Then fix the problem and try for the rate reduction at a later time.