A guideline on How to Reduce Your Credit Card Interest Rate During Covid-19 Pandemic
The corona virus has become an infectious virus and has risen to be a worldwide pandemic, forcing most countries to have a total lock down. The economy is affected by the total lock down whereby the business has been closed, and a lot of people have either lost their jobs temporary or permanent. Due to high unemployment, most people are relying on credit cards to have their bills covered. The high-interest rates which are charged in the credit card can cripple your financial status during this time. Therefore you have to ensure that you are lowering the interest rates, and most of the financial companies are willing to lower the rates during this time that most of the countries are under lock down. For the financial institution to accept to lower the rates, you need to consider some things, and in this article, we will be discussing how you can lower those rates. Find out for further details right here https://cadehildreth.com/category/finance/
First, you need to know what action your financial institution is taking during this epidemic. Most of the banks have known that the economy has been affected and that a large number of the population has lost their job. With the loss of a job, you do not have a steady income; therefore, it can be impossible to service your credit card with a high-interest rate. Most of the financial institutions had reduced the interest rates by half of what they were charging before the epidemic started. Therefore you need to login to your credit card account and check the latest statement or a message from the financial institution. Learn more about these articles
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In some of the banks, if you request the bank to lower the interest, the bank will accept and change as per your request, but for you to have that power, you have to ensure that you have a good credit score. When the economy is affected, everything is affected, whereby the credit rating has also changed. Therefore, before you contact your bank, you should find out your credit score, and if you have a strong credit score, you will have the chance to bargain for a lower credit score.
When you start bargaining for the lower credit score, make sure that you have proof that it is possible to work with a lower credit rate. Therefore you have compared the rates from the other credit card issuers, and if you show it to your bank, they will accept to lower the rates. Take a look at this link https://www.britannica.com/topic/finance
for more information.