Vincenza Vicari-Bentley, AFC
Empowering Financial Wellness Lead Program Coordinator
Like a lot of us, you may be unhappy with the current credit card interest rates (also known as APR). As credit card APRs are expected to rise, it’s worth calling your issuer to try and negotiate the same APR you had, or even a lower one especially if you’re not able to pay your balance off in full every month.
Here are three simple tips to increase your chances of success with lowering your credit card interest rate.
1. You’ve established a history of on-time payments.
2. You have good or excellent credit (credit score is 670 or higher).
3. You mention offers you’ve seen from competitors with lower interest rates.
Credit card issuers may be willing to match or beat a competitor's offer to keep your business. Patience and persistence are also key. If the first representative is unable to help, consider asking to speak with a supervisor or a retention specialist. They may have more authority to make adjustments.
Lastly, if you aren’t successful the first time you can try again in a few months. You can also explore transferring your balance to a credit card with a lower (or zero) interest rate. Just keep in mind there may be balance transfer fees associated with this strategy.
Want more ideas about how to pay off your debt faster and save you money? Check out PowerPay.org and see how quickly you can pay off your debt and save money without making extra payments!
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