Many people think the only way to lower their credit card interest rate is to do a balance transfer. That’s not always the case. You may be surprised to hear you can get a lower rate from your existing credit card company.
Of course having a lower credit card annual percentage (APR) rate helps you save more money in interest charges. And when you’re trying to pay off credit card debt, paying less interest saves you more money. That’s why people often flock to super low rate balance transfer offers.
However, all balance transfer offers are not created equal. You have to read the fine print (fees, terms) to determine whether it’s worth your time. Besides you may be able to get a lower rate without opening a new account?
How to Get a Lower Credit Card Interest Rate
It may be as easy as calling your credit card company and asking for a lower rate. Do your research first. Some questions to consider:
- How much interest are you paying?
- What’s the average interest rate people are paying on credit cards?
- Are any other credit card companies offering you lower rates?
If you’ve received any balance transfer offers in the mail, let your credit card company know more about this. They may be willing to match another company’s promotional low APR offer to keep you as a loyal customer.
4 Steps to Lower Your Credit Card Interest
So go ahead and give your credit card company a call and negotiate a lower interest rate. You never know unless you ask. The worse thing that could happen is they say “No.” But if they say “Yes,” you could enjoy paying less interest without opening up another credit card account.
Real Talk: How to Avoid Paying High Credit Card Interest
IMPORTANT NOTE: If you have any special circumstances that may be impacting your ability to pay your credit card, be sure to discuss it with your company. Some credit card companies have special programs in place to help you.
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