Suggestions for Lowering Your Interest Rate

1. Contact your credit card company. They can convert your account to the lowest rate available. If you are in good standing with them, they should have no problem in doing this. If they claim they are unable to lower your rate, ask why and if there is anything else they can do. You may have to let them know you are going to be searching a different credit card company to transfer your balance to.
2. Search for a credit card company with rates that are better that your current card company. You may have received solicitations in the mail or you can contact a local bank. You may contact Visa or MasterCard to ask for a preferred issuers list.
3. When you have found a company you are interested in, ask for an application to fill out by phone, fax or internet. They will most likely contact you within 10 business day. If you are denied, the company must inform you on what the reasons are in writing. A free copy of your credit report is also entitled to you. Contact that credit card company for assistance on how to obtain this.
4. You can roll over your credit card balances to other cards at their introductory rate and continue to pay off the balance on your account. Although this may seem like your best route, it can be time consuming and accurate records will need to be kept. This may affect your credit report as well, as you will be opening and closing many credit cards.
5. Watch out for the fine print on credit card companies that offer you “lower” rates. They may be for the first 6 months only and then they charge you interest from the time you signed on. Your rate will likely jump up higher as well after the introductory time has lapsed.
6. Try your best to uphold good credit and check your credit once a year to make sure there are no unnecessary mistakes. Credit card companies will reserve the best and lowest interest rate for those who have good to great credit histories.