Chris O'Shea
It can be hard to pay down credit card debt when you’re saddled with a high interest rate. However, there is a way out. Here is how to get your interest rate lowered to something more manageable.
Gather Information
The first step toward lowering your credit card interest rate is to get a clear picture of your financial situation. Look at your credit card statement to get the following:
- Total balance (Amount of credit used)
- Minimum monthly payment
- Fees
- Current Interest rate or APR
A “good” interest rate is anywhere from 16 percent to 22 percent. If it’s higher than 22 percent, there’s a good chance you can get it lowered.
Review Your Score
After you have your credit card information, check your credit score.
- The higher your score, the better chance you have of getting the lender to lower your rate.
- If your score is low, you might want to wait until you’ve raised it before contacting your credit card company.
Make the Call
Now you are ready for the phone call. Yes, calling your credit card company is the easiest way to get your interest rate lowered. When you call, do the following:
- Calmly present your case for a lower rate.
- Refer to your loyalty and your length of time as a customer.
- If you like, you can write down a script or some notes before calling.
- If you have been a good customer, there is a great chance the lender will work with you and lower your rate.
Do One Thing: Call your credit card company to see about lowering your interest rate. It never hurts to try.
