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Lower Your Credit Card Interest Rate

By Ashley Russell on June 17, 2011

img2-(1).jpgAre you still paying high interest rates on your credit cards even though you always make your payments on time? You should look into lowering your interest rating on your credit card in order to save more money. There are a couple of options to lower your interest rate.

The first way that you can attempt to lower you credit card interest rate is to talk to your credit card company. If you keep up with your monthly payments and are never late on any transactions, then they will usually reward you for such actions. The company will recognize that you are a valuable customer who pays their bills, so they will want to give you the incentive to stay with them. Your company will worry that you have found another credit card company to use with a lower rate, so they will typically work with you on your interest rate. But do not expect it to decrease rapidly. You can slowly decrease your interest rate over time. However, if your company does not think it is beneficial to reduce your rates and you believe they are wrong then move on to the next step.

When your current credit card company will not reduce your rates, you have the option to switch to another company. There are many companies out there that will entice you to switch to their business by giving you a low interest rate on your credit cards. But, be careful with these promises. They can put stipulations on these benefits that are typically glossed over when they are explained to you. Although you will get the low interest rate, it may only be for a short time before the interest rate shoots back up to a high rate. Check out the stipulations before you sign on for this new interest rate.

Be sure to look at all of your options before you decide what to do. But do not be afraid to talk to your credit card company. They value you as a customer, so they will usually work with you to make sure that you remain a customer. Also, do not get caught up with super low interest rates without checking to see how long they last. Sometimes it is more beneficial to stay with the same company and decrease by a percentage point here and there than to switch to a low interest rate for a couple of months before it bounces back up high.
Note: If your company denies your rate reduction request and you are unable to transfer balances, you should contact a credit counseling organization to find out how they may be able to help you receive lower interest rates on all of your credit cards.
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