How to Pay Lower Credit Card Interest Rates

Have you had your credit card for a while and finally noticed that the interest you have been paying is creeping up and up? Or maybe you have had a few dings of late payments, years back, but your interest rate is still struggling because of it. Think there's nothing you can do about it? Think you have to just deal with it? Think again.

There is plenty you can do to change the interest you are paying on your credit card every month.

Negotiate Your Interest

If you are in love with the credit card company you are currently with and don't want to even consider getting a new credit card, you may be able to convince the company to change your interest rate to a lower one.

Call the customer service department and ask them about the possibility of changing your interest rate. Many people threaten to leave the company if the rate doesn't change. There is one catch to this approach. If you really need your interest rate changed you may have to be willing to walk away from the company if they won't give in. Just be ready to follow it up with action.

0% Interest Credit Cards

Whether you need to make a large purchase or just have a lot of debt on other cards, with high interest, that you would like to get a better hold on, you may want to look at 0% interest credit cards. These are cards that literally have no interest in payments for a pre-determined set of time.

There are two styles of these cards - balance transfer credit cards and straight 0% interest credit cards. Balance transfer credit cards are meant to be used when you have other higher interest credit cards and would like to put the money you owe them on the new credit card. 0% interest credit cards will often give you a grace period (say 6 or 9 months) where any purchases you make are interest free.

Make sure to do your research and know how long the 0% interest rate lasts. Try to pay as much of your principal down as possible in this time. Also find out what the interest rate will be after the introductory period, so you know what's in store.

Low Interest Credit Cards

If you have good credit, you should be able to consider another option - low interest credit cards. These are cards that are created around the idea of having a lower interest rate. Usually these are limited to those who are considered better credit risks, and are essentially a reward for being a responsible credit card user.

About the Author
Steve Sikes is an MBA and writes articles on credit cards and other financial products. To read other articles and compare and apply online for top credit card offers for low interest, balance transfers, rewards, cash back, business, airline miles, you will want to visit http://www.CreditCardWave.com