How to Lower Your Credit Card’s Interest Rate

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Jan 15 2010

If we’re new to the whole credit card idea, there is a lot to learn.  We know that we need a credit card to help us build a good credit score, but somethings can be easily overlooked, like your interest rate for example.  You may be saying “I’ll be paying in full each month so it doesn’t matter.”  Although, that’s not always what happens.  Therefore, it is important to take a look at your rate.  Your rate can hurt your badly each month if you don’t pay in full each month.

How to Lower Your Credit Card’s Interest Rate:

Call – First of all, all you need to do sometimes is make a quick phone call to the credit card company.  Say you’re having trouble paying your bills and your interest rate is starting to hurt you.  They will then be able to lower your interest rate right then and there sometimes.  This could save you hundreds if not thousands in the long run.  So, all it takes is a quick phone call.

It is said that about 3 in 4 credit cardholders receive a lower rate due to just a phone call!

Prove – Over time you may notice that your interest rate is going down just because you’re using your credit card wisely.  This is like a pat on the back to you.  You treat them good, they will treat you good back.

Although there isn’t much you can do to get a lower rate, both of these will work.  If you feel like your rate is too high, let them know and be sure to tell them it will be hard for you to make payments if they don’t do something about it.  They’d rather have some money than no money at all.  So, make that quick phone call, or over time prove to them that you’re responsible and see your rate go down that way!

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