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How to Lower Your Credit Card Interest Rates

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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’s free Credit Report Card for your credit scores and an overview of your credit report. 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.’s comparison-shopping tool for low-interest credit cards can help you look for a better offer.

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  • Antionette

    I have a credit card, your advice from the company is do not apply for any more credit. How long should I wait to find a credit card with a lower rate. This one is a little high.

    • Gerri Detweiler

      I assume you are seeing that message because your grade for the number of inquiries is low. Is that correct? If so, then ideally you want to wait until some of those inquiries no longer count. Typically, that will be the case after one year. We wrote more about that here:

      Should You Be Worried About Credit Report Inquiries?

  • Lee

    does anyone know how to attach an address to a pre-paid visa card? I want to make an online purchase and the merchant requires an address attached to it or they will not accept the card.

    • Gerri Detweiler

      Interesting question – which card do you have? Do they allow you to register it?

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