web analytics

Lower the interest rate on your credit card

Facebooktwitterredditlinkedintumblrmail

Many rewards credit cards offer enticing deals to get people to sign up, including 0% APR the first year. When that 12 month honeymoon is over, however, card with variable APRs can jump as high as 30% or more depending on your credit score. What are some ways to lower the interest rate on your credit card? Depending on which credit card you use, how often you use it, and what your credit score is, there can be many ways to lower the interest rate on your credit card.

If you always pay your bills on time and are committed to improving your credit score, the credit card companies will notice. Still, that doesn’t mean that doesn’t mean that they will make it easy for you if you want to lower the interest rate on your credit card. When you try to lower the interest rate on your credit card, you are figuratively taking food out of the mouths of these credit card companies… but something tells me that they will survive.

Here are some of the best ways to lower the interest rate on your credit card.

If you have even a little bit of debit with a credit card then reducing your APR by even 5% will save you on average $1,000 a year, if not more.

A survey of 983 cardholders with debt on Creditcards.com found that 656 of the people who asked for to lower the interest rate on your credit card were approved. Although more than half of those who are approved for a lower interest rate take home over $75,000 every year, those with lower incomes still have a good chance of getting approved.

Because there are so many credit card companies out there today, you may be able to lower the interest rate on your credit card if you offer your credit card company an ultimatum. By collecting those credit card applications you get in the mail and sending them to your current credit card company along with a professional-looking appeal, you have a much better chance to lower the interest rate on your credit card than a simple phone call.

Lastly, because we all know how tricky credit card companies can be, if they do end up offering you a lower interest rate, make sure to read all of the fine print and make sure that what you are getting is actually a better deal before agreeing to the terms. In a worst-case scenario, you could always find a card with better terms.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: