How to Lower Your Credit Card APR

There are so many people who are drowning in credit card debt, not because they overspent, or because they were careless with their spending, but because of the current economic crisis at hand. At least 1 in every 2 American Adults has a credit card that has an APR that is well above 9.9%, which seems to be the lowest you are going to get at his point in time. So keep on reading as to how I have lowered my credit card APR's over the last year and a half.

If you have notice that your credit cards APR is over 9.9%, then maybe its time that you call the 1-800 number on the back of your card and ask a few questions. The first thing I did was ask what my current APR was! I was told it was 19.9%, and when I was told that I came back to the customer service representative that I was offered a better APR with a better credit card company, but I didn't really want to close my current account because I had no late payments, no balance, and no over limit problems, but that I would if they couldn't counter that offer with a better one.

At first I never said what the offer was for, because I technically never got another offer. But the customer service representative said that she could do her best to help me lower my APR, from 19.9% to 15.9%. Okay so 4% isn't bad, but I was expecting a little more than that, maybe 5 or 6%. So I said okay, I'll take it, and got off the phone with her. So I started with a 4% decrease in my APR, in the beginning of the month, and once I got to the beginning of the next month I decided to give it a try again. I called in, this time I got a gentleman, and told him that I had gotten a better offer as far as the APR goes, and he told me that the best he could do was 11.9% APR, so I said thank you, I'll be willing to accept 11.9% APR, and went about my business. In a matter of one month I got an 8% decrease in my APR, but I knew I wasn't satisfied with the APR.

I decided to wait about 3 months before I called back in, cause I didn't want them to figure out what I was doing right away! So I waited until my credit report had updated for the previous 3 months, and then called in, cause it had hit the annual mark for my account. I called in and said, its been "x" amount of time since I got this account, I've had perfect payments, no issues whatsoever, and I've gotten a better offer for another card, with another company. I'd love to stay with your company because I have a long standing account with you, but I'm not liking the APR for this card. I think it's a little high for a long standing customer. She agreed and said the best she could do for me was 9.9% APR, so I gladly accepted it, and moved on with my conversation with the representative. In 4 months time, I went from 19.9% to 9.9%, that's a 10% decrease in APR, that saved me a ton of money that I have been able to save for other things.

So if you haven't done this already you should really give it a try! If all else fails ask for an account manager. They will be able to help you if the customer service representative cannot!

Good Luck and happy saving!