A few years ago, it was a credit card user’s world. As long as you paid on time and didn’t go over your limit, you could have your choice of credit cards and interest rates. However, with the Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) that went into effect last year, meant to crack down on credit card companies, consumers are finding that they are paying higher interest rates. In addition, it can be harder to negotiate a lower interest rate.
I had a credit card for over 15 years that routinely offered an interest rate below 10%. Now, the interest rate is 15.99%. When I called to have it lowered, they would not negotiate with me as they had in the past. When I threatened to take my business elsewhere, they were unfazed. “Sorry,” I was told, “there is nothing we can do at this point.”