Why you should not ever pay more then 9% credit card loan interest

There is no reason to pay more then 9% interest on any credit card loan,IF you have a decent credit score.

Lets say you have 5 credit cards all with 2500 buck balances.

You should be able to get 2 more easyily, that are empty, if you have made the practice of paying your bill so the payment arrives 5 days before the due date.

Now lets say you have 1 amex 2 discover cards and 2 bank of america cards.

YOU will need a crap citibank and a crap chase manhattan bank and a crap capital one card.

I call these cards crap,because they will stab you in the heart with 30% interest rates,even if you are only 1 day late on a payment due date.

AND THEIR CUSTOMER SERVICE PEOPLE WILL CLEARLY STATE,

they have the right to do this and give you the belief they dont care 1 bit about you.

So now that you are warned, AS I AM SPEAKING FROM PERSONAL EXPERIENCE ON ALL 3 COMPANIES.

2 directly did this to me and the third to my friend and I was the person who fixed their wagon.

I paid them off and stuck them into the use when only necessary catagory.

That catagory means you use them for 4% money or 0% money or leave em to rot in your sock drawer.

Now the amex is 14% so you send that payment first from say chase. now amex is empty.

The reason you want it empty is it can pay off any other card you have.

You cant pay a discover card off with another discover card. the same is true of citibank,bank of america or chase manhatten.

If you follow this procedure, you will have single digit interest rates on all your cards in 3 months or less and 0% on the newer cards.

Multiple cards also allow you to negotiate rates, you simply tell the supervisor that they are competing against bank of america or chase.

Why should you use them if they won't be competitive.

Use this ploy to get longer balance transfer time periods or better rates , or removal of balance transfer fees.

I have done all of these things in the last 15 years.

Remember, a credit card company makes no profit if its card is in your sock drawer.

good luck