Wednesday, April 9, 2008

Shop Around For a Better Credit Card

Like most people, you probably don't like paying interest to credit card companies, and who can blame you? With certain credit card companies and banks (and you know who are are!) taking unfair advantage of consumers by arbitrarily just raising cardholder interest rates without justification or warning, it truly pays to shop your credit companies just as you would shop around for home and car insurance rates.

In recent months card issuers have been very sneaky about raising interest rates on consumers without warning or justification, only to lower them slightly in pace with the adjustments that were recently made by the Fed. I watched the interest rate on my Chase credit card go up from 15.9% up to 18.9% (And I was never late and made every payment on time!) then saw it drop back down to 16.9% when the Fed lowered the prime lending rate again.

Rather than play their game, I just gave my primary business to Citibank and American Express who have both remained consistent with my interest rates. I won't be using my Chase Card until they clean up their act. Bank of America arbitrarily just raised their rates to the point where they have lost our business. We'll keep the line of credit open, but the card will remain dormant. When we called BoA to find out what was going on, they did not have an acceptable explanation, so we took our business elsewhere. The entire balance was transferred to another bank and BoA was subtly told where they could go.

So ladies and gents, do your homework and shop your credit cards like you would shop and compare everything else. You can save hundreds of dollars in interest savings and you'll be able to pay down your debt faster.

The best places to comparision shop for credit cards are: and

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