Little Switzerland credit card payments are a ripoff!!

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Little Switzerland credit card payments are a ripoff!!

Postby nedders » Wed May 15, 2013 12:55 am

How can I get a lower APR and payment on my account?

I had signed up for the credit card from Little Switzerland to financing a purchase of a Movado watch of around $1,200. That was almost a year ago and I still owe $800 on it. Every time I login to pay online my minimum payment I feel like I'm treading water because the debt is going down so slowly!

This is the info about it and all that stuff (

Do you think they will lower my interest rate?

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Postby bisbicos » Wed May 15, 2013 8:28 am

The entire idea behind minimum payments is to keep you in debt as long as possible. I'm sure somewhere on your statement it will tell you how long it will take to pay back if you only pay the minimum payment. I'm sure its something like 7-10 years
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Postby CCG » Wed May 15, 2013 11:19 am

As bisbicos mentions, try and pay much more than the minimum payment because that will keep you in debt for years on any card.

I don't think they will give you a lower rate. Comenity, the issuer of the Little Switzerland credit card, is notorious for not budging. With some issuers you have a chance at negotiating, but Comenity I don't think is one of them.

Transfer your balance to a 0% card to pay down faster. This card has a 28.99% APR so a lot of your payment is just going towards the interest charges.

If you move the debt to zero interest promotion, during that period all of your payments will go against the principle debt and no new interest will be incurred. That will help you pay it down faster and save you money. Here is a sponsored offer I recommend:

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Postby beef.stu » Thu May 16, 2013 2:27 am

definitely go for a balance transfer to avoid all of that interest.

And try not to just pay just the minimum payment in the future.

My rule is that I treat my credit cards like cash or charge cards. If I dont have enough cash to cover the purchase, then I dont buy it. I know this isnt always possible for some, but its a good safe way of making sure you dont get find yourself over your head in credit card debt.
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