Saves $1000s Simply by Switching Credit Cards

When we apply for a credit card we generally get lured into bonus points and rarely do we ask the questions….is there a lower rate? Most credit cards people have interest rates hover around the 19.99% mark with cash-advance at 22.9%.

THIS IS INSANE if you carry balances.

Did you know there is a good chance your lender offers low-interest rate credit cards?

For example, I have a RBC credit card that is the normal 19.99% interest with all the bells and whistles.

If I was carrying a $20,000 balance….what would that look like in interest costs a year?

$20,000 @19.99% APR

Annual interest =$3,998/interest a year

That is $333/month a month.

If I picked up the phone and asked to switch to a low interest rate. In this example, I am switching to the RBC rate advantage rate of prime+4.99% (8.99%)

$20,000 @8.99%

Annual interest = $1,798/interest paid a year

That is $149.83/month

Total savings - $2,200 a year

If you are carrying any balances, google your lender's credit card options then pick up the phone and start saving!

Use this credit card savings calculator to easily calculate your savings your to switch now Credit Card Interest Calculator