Credit cards can be great if you use them properly. However, one of the biggest downsides is high-interest rates. If you don’t pay your credit card balance in full each month, that interest can pile up quickly. Here are some ways to reduce your credit card interest (or eliminate it altogether).
Call Your Credit Card Company
It is possible to negotiate a lower interest rate with your card issuer. To make this happen, pick the card you’ve had the longest and with the best payment history.
- Call your lender.
- Politely explain why you want your interest rate lowered and ask what they can do.
- Remind them of your positive payment history and how long you’ve been a loyal customer.
Most companies will agree to lower your rate, even if it’s temporary. They want your business, so they’ll usually be willing to work out a deal.
The easiest way to avoid credit card interest is to pay your card in full every month. However, if you can’t manage that, you could try a balance transfer credit card. Look for one with a zero percent APR intro offer. Just make sure you can pay off the debt on the transfer card before the intro offer ends.
Refine Your Strategy
If you’ve been struggling to pay the high interest on credit cards, perhaps it’s time to reconsider your debt payment strategy. If you’ve been using the avalanche method to no avail, give the snowball method a shot (and vice versa).
Do One Thing: Try a balance transfer credit card to dig yourself out of debt. Make sure it has a zero percent or low percent intro offer.