How to Lower Your Credit Card Interest Rates

For many of us wallowing in credit card date and high interest rates, the search for information on lowering these rates can be a little intimidating. Many articles tell you that you are more likely to get a lower rate if you have been a customer for several years, have paid your bills on time, have never gone over the limit, have very low balance to credit ratios and/or have very good credit. While all of these can be helpful factors, most of the information one finds may make you think that there's no use in even trying.

Not true.

Case in point: Recently, I lowered my interest rate from 28.99% to 12.589%. Granted, I had been with the company for 4 years. However, I was at the limit on the credit card and my credit score is in the "average level". All I had to do was say, "I'm wondering if I can have my interest rate lowered. It's very high, and I have an offer from another company that is at 10%." That's it.

Case #2: I also lowered another credit card interest rate from 20% to 14%. I had been with the company for only about 5 months, and I was at the credit limit. All I did was repeat the above line.

Let me add that I have gone over the credit limit with both of these credit cards, more than once. These are two different companies in which the same line worked without a problem. The only hitch is, make sure you really do have another credit card offer you can refer to, because they may ask you the company name and the details of the offer. Make sure it's a card that would likely approve you!

For help with this, www.bankrate.com is a great resource. Here, you can search credit card offers according to interest rates and your credit score. Find a card within your credit score range that will offer a lower interest rate than that which you're currently getting. You should have no problem asking your current bank for a better rate.