Follow These 4 Tips to Get Lower APR on Your Credit Card

Getting a lower APR on your credit card is a big life-changer. High interest makes it painful to pay your balance in full every month. It is an obvious reason why you accumulate debt. Follow the four tips below to lower the APR on your plastic and improve your finances today.

1. Open a new credit card with a 0% intro deal.

This may be the quickest way to lower your APR. Transfer your balance to a card with a 0% introductory promotion. If your credit is good enough to qualify for one of these offers, it is a great opportunity to clear up your debt. Aim to pay it all off before the 0% period ends. Note that there may be a balance transfer fee that can significantly cut into the amount that you are saving.

2. Get a low-interest credit card.

Rewards cards and cards with extended 0% periods get all the attention but getting a credit card with a low ongoing interest rate can help cure your debt woes fast.

3. Discuss APR with your issuer.

If you cannot qualify for a 0% credit card, it is time to call your issuer and see what they are willing to offer. It is possible that they agree to a lower APR on your credit card to keep your business. Alternatively, they can offer to move you to a different product with a lower APR. It is also possible that your issuer cannot provide options, but it is always best to ask.

4. Raise your credit score.

Getting a lower APR may be difficult if you have a bad credit score. Lenders often consider your score when deciding your interest rate. An obvious fix is to improve your credit score so you qualify for lower APR on credit cards. You can get 0% deals, negotiate lower interest on your cards, or get low APR on new cards. Simple things have a big impact on raising your score, such as paying your bills on time, keeping your balances below 30% of the credit limit, and applying for credit cards only when you really need it. Do this all the time and your score will eventually improve, giving you better chances at lowering APR on your credit card.