Latest responses to “Use Low Interest Lifetime Balance Transfers To Pay Off Credit Card Debt” Copyright 2012, MoneyBlueBook.com 464610 2010-06-21T21:31:08-07:00 William There's obviously frustration and anger among the crowd here towards the credit card industry and for darn good reasons. I believe neither President Obama will see an economic recovery during his administration nor will immediate subsequent U.S. Presidents during theirs as long as credit card companies continue their deceptive practices. Something must heavily and negatively impact at least one major credit card company that would cause it to go nearly bankrupt or completely bankrupt and this would raise a huge, red flag to all. Just like Bernie Madoff's $50 billion ponzi scheme that went bust, it's just a matter of time. 464600 2010-06-15T12:48:41-07:00 Deborah I am writing to let anyone that has Capital One credit cards know that they will not work with you to lower you interst rate, I have Citi and Chase and both worked with me to lower my interest rate so that I can pay the balances off. I lost my job and my income decreased 20,000 a year. They wouod not consider anything to hlep me out. 464620 2010-06-10T11:01:38-07:00 Janice Everyone we should be checking out the Presidents deal on Credit Cards as i understood it the Credit Company is not suppose to go up on Intrest Rates for 6 months and that is only if you have been late 3 times or more unless i misunderstood this law if i did not the credit card companies im reading her on this blog are not compling with the law check it out People. 464580 2010-03-15T13:48:27-07:00 ava If any for you are with GE Money cancel you cards. GE Money is ripping people off. I have several cards with them and since the new Credit care Law. GE Money has raised my interest rate to 29.99% and then want work with you regarding payment date. I get paid at the end of the month and they told me to make to payment to catch up. If you are with them Cancel your cards. 464560 2010-02-24T16:36:04-08:00 Bill Several years ago I transferred a bunch of higher percentage card balances to a smaller number of fixed rate cards. I've been working on paying them off and making great progress. However, I have one card with a fixed rate of 2% and a balance of $8k. The minimum payment is $114 monthly, of which $12 is interest, and the payment is automatically debited each month, so I never miss one. So my question is, with the rate of inflation at 3% or more, should I look to aggressively pay off this balance, or just make minimum payments and let it ride? 464570 2010-01-14T21:02:03-08:00 MK @Melissa - Couldn't you just have them calculate the interest rate by the amount of interest you were paying? It should be obvious enough if the difference is that big and they should have some record of finance charges billed. 464540 2010-01-08T05:16:48-08:00 Melissa I will try to keep this long story short. I had a credit card with Bank Of America, it had a high balance but low interest rate. Payments were always significantly more than the minimum and the card had been paid off twice already with no late payments. In May they added an annual fee that put me over limit by $4.00, which in turn raised my interest rate , as well as adding an over limit fee. Unfortunately I had asked them prior to the annual fee charge to close the account, as they would soon be selling to Barclay Bank, and I was not interested in them switching my account to a Mastercard. They of course had no recollection of this call and said I would now have to use the 27.74% interest rate. I hung up called back, got a new customer service rep, and the new rep kindly took away all fees and lowered my rate to 5.24%. I have been paying off the card now for several months, and have now received a new statement from Barclay's, the new owner of my balance, that effective almost immediately my new interest rate will be 29.99%. This is still with no late payments and on a closed account. It is crazy what they are doing to the people who pay their bills. They told me they made a computer error on the interest and they would not charge back interest on anything charged from May to November. Duh......because there was nothing charged the account has been closed since then. They acted like they were doing me a favor. They said their last record before B of A sold to them was my interest rate of 27.74%, so theirs is only a little higher. I explained that if they had that then they should have my conversation with them, as well as the opt out info, and notes about all the returned fees they had to do when they noticed their mistake. Of course they didn't though. So now they tell me to mail them a statement that proves I had a lower interest rate. Can't do that though, because I got estatements from bank of america, and didn't save them all. Anyway, if I can give anyone advice about either of the banks/businesses do not get a card with them, and if you have one, save every statement, and take detailed notes on every converstaion. Maybe even record it, like they always say they are doing. Neither company is to be trusted. 464510 2009-12-16T01:51:06-08:00 Palik Susan, you might want to start by looking at MSN, Money, Credit Cards. The second and third entries are okay but they're at 7.25%. You might also want to log into the news sites that involve Finances and see if they have anything on credit cards. 464550 2009-12-09T23:44:00-08:00 Susan After spending several hours online and sifting through the mailers that we get each week. I am more confused than ever and no closer to finding the "right " credit card to pay off a loan balance for my daughter from college. Article was great. Any thoughts on a private loan vs. a credit card to ado this. I plan on setting up an automatic $100. weekly payment as the minimum payment. 464590 2009-12-08T23:19:09-08:00 Carolyn I too would be interested in locating a low fix interest rate card. I have searched and have not found one myself. Thanks in advance for any info.