Mattress Giant Credit Card: How To Get a Lower Payment

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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deerone
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Mattress Giant Credit Card: How To Get a Lower Payment

Postby deerone » Fri Aug 16, 2013 7:50 pm

I have the Mattress Giant Preferred Customer Credit Card from Wells Fargo that I got two years ago. I am still paying it off and the interest rate is ~28 percent.

What options do I have to get them to lower my payment. When I called customer service I was told 'sorry we can't give you a lower rate at this time.'

If I stopped making payments do you think my rate would then be lowered because they would be afraid of losing all of it?


takeshi
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Postby takeshi » Sat Aug 17, 2013 8:45 am

Probably not and then you'd be possibly subject to penalty rates. Read your terms.

deerone
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Postby deerone » Sat Aug 17, 2013 11:58 am

takeshi wrote:Probably not and then you'd be possibly subject to penalty rates. Read your terms.


Why wouldn't it help are they stupid?

Userofcards
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Postby Userofcards » Sat Aug 17, 2013 3:10 pm

deerone wrote:Why wouldn't it help are they stupid?


No, they aren't stupid. But neither are you: and refusing to pay the card could lead black marks on your credit report, thus making it difficult to get credit at all in the future. Unless you absolutely cannot pay the bill, you should. The repercussions of not paying are too high.

If they won't reduce your rate, you could : A) call them again, explain that you are having difficulty making the minimum payments, and ask if there is some kind of plan they could enroll you in. But this may not necessarily be a good move depending on the plan they offer. But they may be willing to work with you : as you point out, they'd rather get paid than have you simply default. Another option, B) if you transfer your balance to another credit card if you have or can get one (e.g., Chase Slate) that offers a special balance transfer offer. This could reduce your interest payments significantly.

Of course, you could always simply not pay the bill and deal with whatever happens. But I think this is absolutely the last option to consider. Its the one most likely to hurt you, in the end.

deerone
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Postby deerone » Sat Aug 17, 2013 10:34 pm

I dont get what your fuss and being high and mighty is all about. Am I supposed to feel sorry for Wells Fargo that charges me a stupid 28 percent. Mattress Giant credit card would still be making plenty off of me with a reasonable 10 or 15 percent. Why should I care about the reprecussions no one is going to think much of some stupid little account like this on my report. Its not like Im defaulting on a mortgage or Mastercard. Its a stupid mattress from a furniture store for crying out loud.

TheLethargicAge
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Postby TheLethargicAge » Fri Aug 23, 2013 1:26 pm

deerone wrote:I dont get what your fuss and being high and mighty is all about. Am I supposed to feel sorry for Wells Fargo that charges me a stupid 28 percent. Mattress Giant credit card would still be making plenty off of me with a reasonable 10 or 15 percent. Why should I care about the reprecussions no one is going to think much of some stupid little account like this on my report. Its not like Im defaulting on a mortgage or Mastercard. Its a stupid mattress from a furniture store for crying out loud.


There are no "big" or "little" accounts on your report. A default is a default. If they can't trust you to pay off a mattress, why would any lender want to trust you with a mortgage?
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Midori
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Postby Midori » Fri Aug 23, 2013 1:54 pm

The correct time to determine that 28 percent is stupid would have been before you agreed to it. :o)



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