What are the best ways to lower your credit card interest rates now? Here's what some experts think.
Summary
Many people carry credit card debt with high interest rates, which makes it costly to owe money month to month. Experts suggest ways to lower these rates, such as negotiating with credit card companies, transferring balances to cards with lower rates, and carefully choosing new credit cards with better terms.Key Facts
- The average credit card balance per person is $6,577.
- The average credit card interest rate is about 22%.
- Lowering your credit card interest rate can reduce the total cost of your debt.
- You can call your credit card company and ask to lower your rate, especially if you have a good payment history and credit score.
- Asking to speak with the "retention" department can help since they want to keep customers and may offer better rates.
- Opening a new balance transfer credit card with a low or 0% promotional rate can save money on interest temporarily.
- Balance transfer cards often charge a fee between 3% and 5% of the transferred amount.
- It's important to shop around and compare credit card rates and terms before applying for a new card.
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