Avoid high interest credit card rates

Want the travel reward points and special offers of credit cards? Like the convenience? Those perks come at a cost, and new regulations now require your credit card statements to point out that cost. You will now find a calculation of how long it will take you to pay off your statement if you made just the required payment. You will also see the current interest rate.

Here’s a simple way to enjoy all the benefits without paying the price of high interest. It takes discipline, but if you follow this advice you will be ahead by hundreds of dollars each year.

1. Calculate your total credit card debt.

2. Call your credit card companies to see if they will lower your interest rate – and by how much.

3. Do a simple budget to see how you can manage debt and reduce it – rather than getting in more debt as time goes on. Luminus Financial can work with you to not only set up a budget, but also do a complete review to help you with debt reduction, savings, retirement planning, insurance and more!

4. Talk to Luminus Financial about what you will need to pay off your credit card debt – and what you will need to pay off your credit card charges in full each month after that. We can then make comparisons to see how much you can save by going through us.

5. Take out our Line of Credit Loan, which you can use, repay, and re-use as often as you wish.

6. If you don’t have it already, set up online banking with Luminus Financial, and also set up immediate online access to all of your credit cards with your credit card company. This way, you can check your credit card balances immediately – without waiting until the end of the month – and you can pay them immediately. (If you can’t do online banking, don’t worry. Luminus Financial can help you with alternate methods).

7. Use your credit card to get your reward points, etc.

8. As soon as you use your credit card, use your Luminus Financial Line of Credit to pay it off immediately through your online banking.

When you compare credit card rates of up to 20% to a Luminus Financial current rate as low as 4%, it isn’t hard to see how this strategy can make a big difference in a very short period of time!

Call our Loan Specialists at 416.366.5534 to set up an appointment or get pre-approved now.