Lower Your Credit Card Interest Rate
The unfortunate side of credit cards is that they can cost you hundreds to thousands of dollars a year in interest if you’re not able to pay off your balances in full each month.
If you carry large balances every month, there’s a good chance you’re paying a good chunk of money in finance charges each month as well (unless you’ve got a 0% APR credit card).
The good news is that credit card issuers are willing to negotiate if you take the time to call them and discuss your situation.
If you’ve got credit cards with high APR, typically between 20-30%, and no option to pay them off immediately using cash or a balance transfer, call the issuer immediately to negotiate your rate.
Most credit card issuers will lower your interest rate if you show them a convincing argument, such as being a long-term customer or a customer in good standing.
You can also mention that you’ll pay off the entire balance with a balance transfer which will leave them with less profit and less potential usage of their card.
Make sure they appreciate you as a customer, and make them prove it by lowering your APR.
By simply making a phone call, you have the possibility of lowering your APR from 20% to 10% or even lower. Just by picking up the phone and asking.
The result of lower APR on your credit cards can translate to massive savings, quicker payoffs, less debt, and eventually a better credit score.
Even if your APR is only in the teens or below 10%, it doesn’t hurt to ask for a lower interest rate.
To ensure you’re on top of your finances, make sure you know the interest rate on all your credit cards, as some can be high as high as 30% if you’ve got bad credit or high-interest rate store credit cards.
If you have multiple credit cards, call all your credit card issuers today to negotiate your interest rates and see how much you can save overnight!
Related Topics:
- How Can I Lower My Credit Card Interest Rate?
- Low Interest Rate Credit Cards
- Don’t Pay Credit Card Interest
- Is Credit Card Interest Deductible?
- Fixed Rate Credit Cards vs. 0% APR Credit Cards
Posted Under: Credit Help and Tips