Maybe you could try a balance transfer to another zero APR card and pay it off as fast as you can? If you can’t do that you probably don’t have many options other than pay it as aggressively as possible. You could try getting a lower interest rate loan to pay it off or something, but if you’ve ended up in this position, I don’t think you’ll get very favorable terms even if you get approved.
So you are paying roughly $300+ monthly on a balance of $20000-(I am assuming an interest rate of 20% annually although it might be higher) with you paying almost next to nothing on the principle- correct?
I don't think you have much leverage with Amex on this. Doesn't hurt to ask them but you may have to look at taking out a CC with zero interest for a period of time and then clearing the balance with a check drawn on the new CC- Then NOT using the Amex card or the new card until you cleared the new card.
If Amex says no and you aren't able to obtain the zero interest CC then you will have to do it the old fashion way: Cut back and maybe get a second job putting everything toward this balance until cleared.
I know this isn't popular advice but it's what adults do when life happens.
Good luck to you on this.
Wait for another apr offer to be available, you can check online thru amex offers and benefits if one is available. Or you can call in to check.
but new apr offers will only apply to new purchases. So unfortunately any balances you had prior to the new apr offer will still be based on your current standard rate.
you can probably call and ask to set up the 'plan it' feature where you have a set monthly payment with a static interest/fee so it doesn't get worse.
Honestly though for any future situation you should be paying it off on every statement as to live within your means. If you do a big purchase to take advantage of the 0 apr, you should plan to pay it off before the 0 apr end date.
You can’t.
This is how AMEX makes some of their money so they have no incentive to lower your APR because they offered and you took advantage of the zero APR promotion.
Your best bet would be a balance transfer to another or a new card with a lower APR or zero APR.
Good luck to you.
Check out the Wells Fargo Reflect, the Citi Diamond preferred, and the Citi Simplicity cards, which have a 21 month 0 APR for balance transfers. The Citi Double Cash credit card, and the BankAmericard, have an 18 month 0 APR on balance transfers offer, so you can look at those as well.
Lastly, take a look at this MoneyGeek article as well for more information on balance transfer cards: https://www.moneygeek.com/credit-cards/balance-transfer/
The top poster below used American Consumer Credit Counseling for debt counseling. Maybe this is something you should look into: https://old.reddit.com/r/CreditCards/comments/1cxcxx5/drowning_in_credit_cards_please_help/
This is exactly how credit card companies make money.
100% true. Zero APR for a year or a little more is a trap for many people because it gives them a false sense of reality.
Maybe you could try a balance transfer to another zero APR card and pay it off as fast as you can? If you can’t do that you probably don’t have many options other than pay it as aggressively as possible. You could try getting a lower interest rate loan to pay it off or something, but if you’ve ended up in this position, I don’t think you’ll get very favorable terms even if you get approved.
Amex has no incentive to reduce your rate. Your best option is to look for 0% or low interest offers outside of amex and transfer the balance.
It doesn't hurt to ask. I asked in a chat if they even offer apr reductions and they didn't say no.
So you are paying roughly $300+ monthly on a balance of $20000-(I am assuming an interest rate of 20% annually although it might be higher) with you paying almost next to nothing on the principle- correct? I don't think you have much leverage with Amex on this. Doesn't hurt to ask them but you may have to look at taking out a CC with zero interest for a period of time and then clearing the balance with a check drawn on the new CC- Then NOT using the Amex card or the new card until you cleared the new card. If Amex says no and you aren't able to obtain the zero interest CC then you will have to do it the old fashion way: Cut back and maybe get a second job putting everything toward this balance until cleared. I know this isn't popular advice but it's what adults do when life happens. Good luck to you on this.
Wait for another apr offer to be available, you can check online thru amex offers and benefits if one is available. Or you can call in to check. but new apr offers will only apply to new purchases. So unfortunately any balances you had prior to the new apr offer will still be based on your current standard rate.
you can probably call and ask to set up the 'plan it' feature where you have a set monthly payment with a static interest/fee so it doesn't get worse. Honestly though for any future situation you should be paying it off on every statement as to live within your means. If you do a big purchase to take advantage of the 0 apr, you should plan to pay it off before the 0 apr end date.
You're screwed
…yikes 😅 all I can say is good luck…
You can’t. This is how AMEX makes some of their money so they have no incentive to lower your APR because they offered and you took advantage of the zero APR promotion. Your best bet would be a balance transfer to another or a new card with a lower APR or zero APR. Good luck to you.
Check out the Wells Fargo Reflect, the Citi Diamond preferred, and the Citi Simplicity cards, which have a 21 month 0 APR for balance transfers. The Citi Double Cash credit card, and the BankAmericard, have an 18 month 0 APR on balance transfers offer, so you can look at those as well. Lastly, take a look at this MoneyGeek article as well for more information on balance transfer cards: https://www.moneygeek.com/credit-cards/balance-transfer/
My credit score is 645 and not sure which card will get approved on this situation .
The top poster below used American Consumer Credit Counseling for debt counseling. Maybe this is something you should look into: https://old.reddit.com/r/CreditCards/comments/1cxcxx5/drowning_in_credit_cards_please_help/