If you want to get a better rate on your credit card, the best thing that you can always do is just to pay off that statement balance in full every single month.
that's going to bring your interest rate down to zero from whatever it was at and that's always the best-case scenario.
HOW TO LOWER CREDIT CARD INTEREST RATES
if you can't do that I've got some tips that can help you lower your interest rate without paying off that credit card balance in full.
VARIABLE RATES
The first tip to Lower Credit Card Interest Rates understand is that most credit cards use a variable interest rate meaning that it can vary.
So for instance your credit card might be 11 to 22 percent, and they'll never actually tell you where you're gonna fall into that range.
the first tip that i can give you to keep you on the lower end of that range is to make sure that you always pay off your credit card bill on time..
Even if you make the minimum payment just pay it off on time, and then also make sure that you're keeping up with your other bills as well.
as long as your credit score is healthy and growing then typically you're going to end up in that lower tier, which is exactly what you want with your credit card.
if it is 11 to 22, you'd much rather prefer to be an 11 rather than 22 just because your credit score is more risky to them.
So just make sure that you keep up with your bills keep your credit score healthy, and of course when it comes to your credit card don't make any late payments on that specifically.
if you do they can actually bump you into a penalty apr which is generally higher than even the highest rate.
So definitely make sure that you're making those minimum payments at least on time and then you are good to go.
at the end of the day if you don't show any late payments, and you've got a pretty healthy credit score, then generally speaking you're less risk to the credit card company, and therefore you're going to be on the lower tier of their interest rate.
If you do happen to be paying interest.
ASK CREDIT CARD COMPANY FOR A BETTER RATE
now the next tip Lower Credit Card Interest Rates that i have for you guys if you want to lower your interest rate on your credit card is my number one tip because everybody can do this.
All you have to do is literally just call up the credit card company and ask them for a lower rate.
a lot of the time they want to keep your business because they want to stay competitive and they can actually lock you in at a better rate for a short period of time maybe six to 12 months.
it never hurts to ask now the phone number the easiest way to find it is just to check the back of your credit card.
The phone number's always going to be there, call that number get the right representative and ask them.
it doesn't hurt and everybody can always try to get a better interest rate because it's always worth trying.
it's like they always say the squeaky wheel gets the grease, so just be the squeaky wheel ask because it's never going to hurt and everybody can at least try to get a better rate by talking to the right person.
0% BALANCE TRANSFER CREDIT CARD
Now the next thing you can do to lower your interest rate if you're willing to get a new credit card is to look for zero percent balanced transfer credit cards.
these ones typically will have a zero percent apr for about a year.
So what you can do is you can take the balance from your previous credit card, and you can move that into the new credit card at zero percent interest.
A lot of them are going to have a balance transfer fee that's different than the zero percent apr now.
The transfer fee is typically going to be about three to five percent.
So if you had a thousand dollar balance, you're going to have to pay about 30 to 50 dollars just to make that transaction.
now, it doesn't sound like much when it's only a thousand bucks.
But if it's ten thousand that would be three hundred to five hundred dollars instantly that you're losing just by making that balance transfer.
so it's not always worth it when you run the numbers, but if you have a low balance it might be something to consider.
just be wise here if you are looking into new credit cards because the last thing you want to do is just to open up a new credit card only to get back into the exact same problems that you were in.
then you'll just end up with a whole bunch of credit cards and a big mess that you don't need to be in.
So just be wise and only do this as a last resort if the math is working out and you really do want to get another credit card and eventually maybe cancel the old one.
just remember the best case here is that you can pay zero percent interest on your credit cards as long as you pay off that statement balance in full every single month.
because as long as you just focus on the statement balance get it paid off by the due date, then you are paying zero percent interest and that is the best-case scenario for any credit card.
so that's is for today 'How to Lower Your Credit Card Interest Rates Easily without paying Interest rates.