How to Lower Your Credit Card Interest Rate

Paying down credit card debt can be challenging when you’re saddled with a high interest rate. However, there is something you can do to help yourself out. Here’s how to get a more manageable interest rate.

1. Gather Information

The first step toward lowering your credit card interest rate is getting a clear picture of your financial situation. Take a look at your credit card statement and find the following:

• Balance (Amount owed)
• Minimum monthly payment
• Fees
• Interest rate

What is a “Good Interest Rate?” The lowest rate you can get is the best interest rate, the lower the better. The average interest rate in the current market is anywhere from 16 percent to 22 percent. If it’s higher than 22 percent, there’s a good chance you can get it lowered.

Review Your Score

After you have your credit card information, check your credit score. The higher your score, the better chance you have at getting the lender to lower your rate. If your score is low, you might want to wait until you’ve raised it before contacting your credit card company.

Call Them

Now you are ready for the phone call. Yes, calling your credit card company is the easiest way to get your interest rate lowered. When you call, calmly present your case for a lower rate. If you like, you can write down a script or some notes before calling. If you have been a good customer, there is a great chance the lender will work with you and lower your rate.

Do One Thing: Call your credit card company to see about lowering your interest rate. It never hurts to try.