Save money to Travel? Lower your Interest Rate!
I know this is old advice, but some people still don't know that you can contact your credit card company and request to be moved to a new card with a lower interest rate. It's a great way to instantly start saving money to travel and reduce your credit card debt.
For example, we had one credit card with a 19.5% interest rate, and a 120$ yearly fee. What did we get for this $120 fee? Nothing really, just some aeroplan points that never really accumulated that much anyway. This is obviously too much to handle when we're trying to save money to travel. So, we made a quick call to our credit card provider and asked that they give us another card at a lower interest rate or we were leaving to the competition.
The best deals we could find with other credit card companies were 4-5% over 6 months, then right up to 19.5%. We didn't want to juggle cards around and continually apply to new ones, so instead we opted to move to a card at our existing provider, with a low long term interest rate. We ended up with 11.5% interest, and only a 29$ yearly fee. I hate the yearly fees, but anything that can help us get the credit card paid off so we can save money for travel is a good thing.
What kinds of things have you been doing to help save money for travel? We'd love to hear about them in the comments.
