How To Lower Your Credit Card Interest Rates

Today in these really hard economic times people have started to be more conscious about their spending. Recent survey states that every American household have 2 credit cards on an average. Spending habit of the people has turned into good when compare to the past years when people had spend more money than they afford. On the flip sides many creditors have started to impose high interest rates on the credit card balances. This is one of the main factors which contribute more in the spending behavioral of many people.

However, knowing the ways to get no interest credit cards has become an essential thing for every credit card holder. If you have a feel like you are paying very high interest rates on your credit balance its time to turn around and do something. You have 2 choices here. Either you should research on credit card interest rates and find the 0 interest or no interest credit cards for you or find the ways to reduce your current interest rates.

Rather than applying for the new one the second option will very ease for most of the credit card holders. If you too have the same feel read on…

Have a talk with your creditor 

Have a clean record of your credit score. If you make a pay off at full every month and never missed your payment due then you deserve to get good credit cards at low interest rates although it is not needed. If you have got your credit card from any bank, just try to get an appointment to see your manager and sit with him. Clearly explain why you need to lower your interest rates.

If they hesitate to reduce your interest rate tell them you can better keep your business elsewhere. Try to lower your interest rate by placing the request. Never threaten your creditor until they strongly refuse to favor you.

Try to lower your spending

When your requests go unnoticed you can either move on to other financial institution who offers no interest credit cards or you can stay with your bank and do some alterations in your spending behavior. If you choose the later one you can get a good credit score sooner than you imagine. So getting the low or no interest rate credit cards will not be a dream any more. Try to practice the following do get better scores.

  • Better make a payment for your shopping & other bills out of your pocket rather than paying through your credit card
  • Do not use your credit card until your hands runs of money.
  • Never use your credit card for buying the things like new gadget or new clothing. You can skip out these spending.
  • Reason is your creditors have a right to charge you the interest which is equal to the paid price of an item.

Consolidate your debts

One more smart way to lower your interest rate is consolidate all your debts into 1 or 2 payments and transfer the credit balances into low interest rate credit cards. If you have any doubt on balance transfers you can approach your creditor and ask them how to do this. Find out how much they will charge for the balance transfer. But prior to that do some home work and find out yourself about the balance transfer interest rates offered by various creditors. Many credit card companies offer 0% balance transfer for up to 18 months.  If you feel your present credit card company charges more for the process ask them to lower the transfer rates along with the interest rates.

Apart from all the above methods spend some time and talk to your friends and other family members who are using the low interest rates credit cards. They will help you to get good credit cards with low interest rates.