Interest Rate on United Gold Class Visa

Is if you ask. And you asked. I have done the same in the past and
guess what, they lowered the interest rate. You can also apply for
another card with a transfer attached to it, for a lower interest rate
and get rid of your Chase Visa that way. You were smart to try. Keep
at it. You'll eventually win. The little guy always wins in the end.
Happens everytime. I've been around long enough to continually
witness it.

Peace!

The Original Poster Here....

Some of your replies are just rude and nasty... Thank you for taking
the time to read my letter but if you cannot be nice and positive then
why reply. It is not a matter of the fact that I will not pay the
interest rate and enjoy the benefits of the card. I wrote the letter
to make a point and that is the credit card companies charge consumers
way to much in interest. I did accept the card and I chose to apply
for it. I do not think that I am going to change the company policy
on interest rates nor do I think that I will get a letter saying mine
has been lowered. Let's be real people.

Thanks,
United Card Holder...

I currently hold 2 credit cards: one is a Visa, and one is an American
Express.

The Visa I have has a very low interest rate, however, it is just a
small charge card. I get no rewards for using it.

My American Express (through Costco Wholesale, mind you) has an APR of
17.24% which varies a percentage or two depending on your credit.
However, my rewards are great. I get 3% cash back on dining out, 2%
for traveling, and 1% for absolutely everything else. AND I just found
out that starting Feb. 1st, it now will give me another 3% cash back
on all gas purchases. Pretty sweet! And worth that APR if I pay it off
quickly.

Interest is the way credit card companies make their money. It's
business, they are providing you with a service, and that's how you
"pay" for it. Those rewards most credit card companies offer come with
a higher interest rate because it costs them money in giving you those
rewards, so they past some of the cost down to the consumer. It's good
for business, makes the company money, and you're still getting a
bargain on those rewards. Seeing as you like the rewards you get on
your Chase United Gold Class, you're getting what you're paying for!

Thanks for sharing your concern. Thousands of letters on
PlanetFeedback echo similar concerns about excessive interest rates
and fees. I do agree with many of the comments below that this will
likely be an uphill battle. Just know that there are many other
options out there for credit cards, including some that offer rates
below your own. Thanks again for writing.

- Pete, Founder, PlanetFeedback

They told you they wouldn't lower your rate. That shows how much your
loyalty will get you; they care more about money than loyalty.

If you insist on carrying a balance, you'll have to shop around. Does
your Gold card have an annual fee? If so, you should count that as
another expense. I would never hold a card with an annual fee, when
the alternative is available. The bank should be paying you to
hold your card, as mine does. This of course requires you carry no
balance, as I would encourage you to consider.

Borrowing money at 10%+ (10%, 12%, etc) is unwise. The banks haven't
paid us that much since the early 80's. Due to changes in
monetary policy, they probably never will again.

To me it doesn't make much sense to work for a higher salary, just to
give the increase to banks. Unless it goes into your bank account.

I have to agree w/ below posters. Nobody made you take this credit
card. You have no one to blame but yourself. Either deal w/ the
rate, or cancel your card.

"However, charging me 17.24 % as an interest is clearly wrong. I have
lots of other cards with rate lower and more comparable to the market
demands."

What part of this is your own fault? All of it. You have lower
interest cards but took this one.

This is one of those letters that makes one scratch their head and say
"duh".

Pay with cash or Debit card only. Credit card companies are a bunch of
snakes. If you play with snakes you are going to eventually get bit.

Good luck to you on this, but I wouldn't hold your breath. I just
went through something similar with Bank of America. My rate was an
outrageous 17% as well and when asked why it was so high I was told it
was because I took out a home equity load within the past 3 years.
BOA even admitted that I have always paid my account on time and that
it had absolutely nothing to do with that. So, I proceeded to open a
card through Chase and transferred my balance over. Because of the
introductory rate I'm currently not paying any interest on my balance
transfer and won't for about another year. Even then, my interest rate
is less than 10%. If I were you I would contact Chase again and ask
them what about your account is keeping them from giving you a lower
rate. If after your conversation they still refuse to budge on the
interest rate, you'll certainly want to consider a different card.
Make sure before you agree to anything though that the interest rate
is acceptable.