Credit card interest rates are very important to the business that has to pay them, and being able to keep business credit card interest rates down is very important. Creditors everywhere seem to be increasing the interest rates on credit cards everywhere, even for business cards. Each bank has its own criteria and rules to follow when it comes to raising or lowering interest rates.
There are a couple of things that can be done in order to keep your interest rate down on your business credit card. Keep reading to get a couple of helpful tips on how to do just that.
Make the Credit Card Company Aware that You Are a Good Client
Take the time to pick up your phone and complain to the business credit card company. If you have had a good credit history and have always made your payments on time (with no other problems), then why in the world should the company be able to increase your interest rate? If the company refuses, then make sure to let them know that you are going to be moving your balance to another card. Sometimes that can help and sometimes it won't make a difference.
Transfer a Balance
You may want to opt to transfer a balance to a card that has a zero percent balance for awhile. This is something that needs to be done when the business credit card has that certain special promotion for a certain extended amount of time, such as 16 months or longer. If you have not paid the balance before the time period is up, then simply move the balance to another card and so forth until the balance is paid in full.
Get a Set Interest Rate Card
Another option is to get a business card that has a set rate for the life of the card. This simply means that you are only going to be paying a low interest rate for the period of time you have the card with a balance. These kinds of cards are typically a zero percent balance card.
If you want to get a low interest rate so you can pay the business credit cards off, then simply opt to do a consolidation with a personal loan. This can be a little harder to do since many of the banks are beginning to cut back on the amount of loans they are giving out. The personal loan rates have been falling lately, and you can get a really good interest rate on a personal loan right now. You may need to speak with a couple of lenders to find out what they are offering.
These are just a couple of tips that could be listed. Some of them have been proven to work when it comes to keeping the interest rate low on your business credit cards. Take your time to go over your certain situation. You may be able save yourself a lot of time, money and frustration when it comes to keeping your business credit card interest rates down.
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