How to Lower Your Credit Card Interest Rates

January 13, 2014

Reduce monthly paymentsIf you are spending too much of your hard-earned money on a too-high interest rate, you may feel stuck in a never-ending game of catch-up. The good news is that with a little research and persistence, you may not be stuck. The Equifax Finance blog offers a few basic steps to help you get lower rates, in the recent article, “

Four Ways to Help Lower Your Credit Card Interest Rate.”

First, find out your credit score and how much you are paying in interest. You can get your credit score by purchasing it from one or more or the three major credit reporting agencies. You can find out how much you are paying in interest by looking on your credit card statement for your listed annual percentage rate or APR. This will be listed at either the bottom or top of your statement.

Next, research what your APR should be based on your credit score. You can find this out by visiting bankrate.com or credit.com and seeing what APR card issuers are offering to other consumers with your credit score. Then, find out what kinds of deals new customers are being offered by your credit card company. Many credit card companies offer perks to new customers, including single-digit rates, bonus cash back points or airline miles for new customers, and you can use this to your advantage.

Armed with the knowledge of your APR, your credit score, the average APR offered to others with your score and the perks offered to new customers, call your credit card company and ask for a lower rate. Be persistent with the customer service representative, letting him or her know that you could get a better rate with another company. You may need to ask to speak with a supervisor. Even after all that, you should know that the company may not be able to offer you a lower rate, and if they can’t, then you should consider other options. The article suggests looking into a balance transfer. Many credit card companies offer very competitive limited time rates for new balance transfers. Keep in mind though that the rate is only for a limited time, so you must be able to pay off the balance within that time frame, or you might get stuck paying an even higher rate after the offer period expires.

Your hard work and persistence could pay off big time with major savings in interest over the long run. Read the full article on the Equifax Finance blog, where you can also find helpful articles on all kinds of personal finance topics, from

credit scores to retirement to taxes to identity theft protection and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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