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From the Experts at Credit.com

How to Lower Your Credit Card Interest Rates

December 18, 2013 by Lucy Lazarony

How To Lower Credit Card Interest Rates

Wish the interest rate on your credit card was lower? Here are three ways to make it happen.

Call and ask your issuer to lower your interest rate

If your credit score has gone up since you applied for your credit card and you have a good payment history with your issuer, you may qualify for a lower annual percentage rate simply by calling and asking.

And if the first customer service rep you speak to isn't willing to lower your interest rate, don't be shy about calling and asking again. Another rep may be willing to cut you a deal.

Not sure of your current credit standing? Use Credit.com's Credit Report Card for your credit scores and an overview of your credit report, for free. If you have a credit score of 700 or higher, you have good credit and deserve a low APR on your credit card interest rate.

Do a balance transfer

Take a look at the credit cards in your wallet and research the balance transfer offers from cards you currently carry. You may be able to lower your credit card interest rate by moving your balance to a card with a better interest rate. Even lowering your APR by three or five percent will save you money on finance charges.

And one of the cards already in your wallet may be offering a great balance transfer deal with a rock-bottom interest rate for a year or more. But you won't know unless you check.

Keep your eye out for fees, though. You may pay a balance transfer fee of 2 to 5 percent on the balances you transfer to a low interest rate credit card. Some issuers may give you a choice of balance transfer offers, the lowest rate available may charge you a balance transfer fee and another higher rate balance transfer offer may not.

Don't forget to factor in the costs of fees when choosing between low-rate credit card offers.

Shop for a new card with a lower interest rate

Knock down your credit card interest rate by applying for a brand-new card with a low APR and low introductory rate.

Credit.com's comparison-shopping tool for low-interest credit cards can help you look for a better offer.


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Meet Our Experts

Lucy Lazarony Lucy Lazarony is a freelance personal finance writer. Her articles have been featured on Bankrate, MoneyRates, MSN Money, and The National Endowment for Financial Education. Prior to freelancing, she worked as a staff writer for Bankrate for seven years. She earned a bachelor's degree in journalism from the University of Florida and spent a summer as an international intern at Richmond, The American International University in London. She lives in South Florida.