saldana s asked:
I have 1300 debt on a 1500 washington mutual credit card and 3400 debt on a chase credit card. My interest rate is 27% can I combine the debt on the two credit cards. Any tips on how to lower the interest?
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I have 1300 debt on a 1500 washington mutual credit card and 3400 debt on a chase credit card. My interest rate is 27% can I combine the debt on the two credit cards. Any tips on how to lower the interest?
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#1 by Worldly25 - December 22nd, 2009 at 18:29
Call your bank and ask what they do to help you
27% is outrageous
#2 by Bonnie R - December 25th, 2009 at 13:33
For now they are still operating under both names so I suspect the only way to consolidate is the same way you’d have to do it before. Either by getting an advance off one to pay off the other (preferably, you pay off the one with the highest interest rate), or by using those checks they send you, if you have them. The interest is usually different for purchases than for advances or using the checks so you should find out what the actual interest is on doing that.
Financial experts say you can call and ask for a supervisor and they can lower your rate, but that has never worked for us with any credit card company. The only time they’ll lower it is when we’ve paid it off and call them to close the account. Then, all of a sudden they’re offering us lower rates to get us to stay.
It wouldn’t hurt to try to call and work something out, but it doesn’t seem like the banks are acting any differently now than they did before they got into trouble. 27% is ridiculous!
#3 by OC1999 - December 27th, 2009 at 12:31
Even though they are with the same bank(now) they are still separate and independent accounts. The only way you can “combine” them is to do a balance transfer from one account to another. However, banks do not usually allow this between their own accounts. So in fact you probably could have combined them before they merged, but once they merged this is no longer an option either.
Your only choice would be to try and open up a 3rd credit card with a big enough limit where you could do a balance transfer of both the Chase and the WaMu card to the 3rd card. Keeping in mind that you are probably going to have to get a card that is not owned by Chase.