Did your credit card issuer increase your interest rate this month? How can you use your credit score to get better rates? Here are some tips:
Read your credit card mails regularly. Your credit card issuer can change your current rates at any time. However, they are required by the law to give a 15-day advanced notice. By checking your mails regularly, you can easily monitor your rates and fees. If your issuer announces that your interest rate is bound to increase, you can call them up right away before the new rate is implemented.
Request for a lower rate. Don’t put up with an unreasonable rate of interest. If you have
Use your credit card only for charges that you can pay off immediately. Avoid problems by being a smart credit card holder. Don’t use your card for purchases that you can easily pay in cash. Never use your credit card for an unplanned purchase.
Don’t maximize you credit limit. Even if your credit card has a low rate, avoid maximizing your credit limit. Using your credit line to the full can pull down your credit score. Leave at least 60% of your credit free from use.