Work with your credit card companies to lower your monthly payment
Check your credit card statements
First, gather your credit card statements. It’s important to know your credit history, payment schedule, and other important details before contacting your credit card company to request a lower interest rate. Be sure to note your current interest rate so you can negotiate, and you might also want to compare your rate to the average credit card rates to see where you stand.
Ask for a lower interest rate
Once you have a representative on the line, that’s the time to start negotiating your rate. You might want to mention your good payment history, loyalty to the company, or high credit scores if you have one. You should be polite when requesting a change in your interest rate. If you shout or become aggressive, the customer service representative will be less likely to help you. Kindness goes a long way in such situations, although it’s important to be firm.
Inquire about eligibility for a lower interest rate
If you’re unsuccessful in getting a lower interest rate by asking, you should seek further information. If you were denied due to payment delays, ask the representative about steps you can take to qualify for a lower rate in the future. You may simply need to wait longer and make timely payments to become eligible.
Try again if necessary
If you succeed in lowering your interest rate, don’t stop there. Try again after a few months, as the company may be willing to offer an even lower rate. If you started with a rate of 18%, they might reduce it to 12%. When you call back, they might lower it to 9%. This could save you a lot of money in the long run.
Always pay your bills in full and on time
Always pay your bills in full and on time (unless you have specific permission to skip a payment). Credit card companies can raise your rates if you don’t pay on time. They are also less likely to lower your interest rate if that’s the case. That’s why it’s important to pay your bills on time and in full. If you are considered a credit risk, you won’t qualify for a lower rate.
Alternative options
If all else fails, you may be able to open a balance transfer card at a different bank with a low or 0% promotional interest rate. You need to have at least fair credit to open most balance transfer cards, and you want to ensure that you can pay off your balance before the promotional period ends.
You can also take out a consolidation loan at a lower interest rate and use the loan to pay off your credit card balances. If you choose this option, you’ll need to stop using your credit cards entirely so you don’t end up with payments on both the consolidation loan and your credit cards at the same time.
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Source: https://www.thebalancemoney.com/how-to-lower-your-credit-card-interest-rate-2385757
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