My interest on both of my cards has been voluntarily lowered by the CC companies during the past year. Why are they giving me lower A.P.R. it can't be out of the 'goodness of their heart' so I'd like to know what is going on here. My parents have said the same about their cards too. Doesn't this contradict the economy? I thought interest was going up on everything.
1. You have good credit... with small balance. CC companies do not want to lose you to another CC company, via balance transfer (you're giving liquidity in this credit crises)
2. They are doing a switch and bait move... changing your interest rates from a fixed rate to a variable rate. Currently the variable rates are lower then the fixed rates... just watch when the new administration comes in and jacks up the interest rates to control inflation.
3. Another bait and switch... they changed the terms on your default, late, and any other fees to protect themselves "jsut in case" you default
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