When to Shop for a New Credit Card
Ask Money Girl: When To Shop for a New Credit Card
I received this e-mail question from Stephanie C. about her credit card interest rate:
Q. My credit card, which I've had for nine years, has an interest rate of 23.9%. I have perfect credit; my credit score is 800. The bank tells me that I'm paying for other borrowers' who are delinquent with their payments. It doesn't seem fair. Should I shop for another card?
A. Yes, you should absolutely shop for a new card. Having a credit score that’s higher than 760 puts you in the “excellent credit” category and qualifies you for a much better deal than you’re getting. One of the benefits of having great credit is being able to enjoy low interest rates! Let your card issuer know that you’re shopping around for a much lower rate and ask them for their best offer before you make a change.
Search for low interest rate credit cards at creditcards.com and lowcards.com. Right now, the Simmons First Visa may charge as little as 7.25% for applicants with excellent credit.
Be sure to read my previous post Does Canceling a Credit Card Hurt Your Credit? to find out if you should close your old credit card account after you get approved for a new one.
Find out where to get your credit score in this Quick Tip.
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