{"id":358630,"date":"2020-07-20T17:04:03","date_gmt":"2020-07-20T23:04:03","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=358630"},"modified":"2022-01-20T20:51:15","modified_gmt":"2022-01-21T03:51:15","slug":"effects-of-lowering-credit-card-interest-rates","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/credit-card\/effects-of-lowering-credit-card-interest-rates\/","title":{"rendered":"Effects of Lowering Credit Card Interest Rates"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header.jpg\" alt=\"A man laughing on the phone.\" class=\"wp-image-358631\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header.jpg 1500w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header-300x100.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header-600x200.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header-768x256.jpg 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header-450x150.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header-900x300.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/07\/AdobeStock_317294292_header-1400x467.jpg 1400w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/figure>\n\n\n\n<p><em><a href=\"https:\/\/creditrepair.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\">Disclosure regarding our editorial content standards.<\/a><\/em><\/p>\n\n\n\n<p>Federal Reserve data notes that the average credit card interest rate for the first quarter of 2020 was <a href=\"https:\/\/www.businessinsider.com\/personal-finance\/average-credit-card-interest-rate\" target=\"_blank\" rel=\"noreferrer noopener\">just over 15 percent<\/a>. What brings you above that average number, what brings you below it and why does it even matter? Find out more about how to lower credit card interest rates and why you want to make those efforts below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-do-credit-card-interest-rates-matter\">Why Do Credit Card Interest Rates Matter?<\/h2>\n\n\n\n<p>Credit card interest rates are a major factor in how much your debt costs. A few percentage points in either direction can save or cost you hundreds of dollars, depending on how you manage your credit card balance.<\/p>\n\n\n\n<p>Check out this example to help you understand why credit card interest rates matter\u2014and how they can impact your wallet. Imagine you have a credit card balance of $4,000. Here\u2019s how different interest rates would impact your payments:<\/p>\n\n\n\n<ul><li>At the average <strong>15 percent interest rate<\/strong> and a monthly minimum payment of $80, it would take you 79 months to pay off the card. That\u2019s around 6.5 years! You\u2019d also pay $2,316 in interest.<\/li><li>At an above-average rate of <strong>21 percent interest<\/strong> and a monthly minimum payment of $80, it would take you 120 months to pay off the card. That\u2019s 10 years. The total interest cost would be $5,589.<\/li><li>At a below-average rate of <strong>nine percent interest<\/strong> and a monthly minimum payment of $80, it would take you 63 months to pay off the card\u2014that\u2019s just over five years. The interest cost would only be $1,032.<\/li><\/ul>\n\n\n\n<p>You can see that the lower your interest rate is, the less your debt costs. That\u2019s a big reason why people seek lower interest rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-high-interest-rates-and-what-are-low-interest-rates\">What Are High Interest Rates and What Are Low Interest Rates?<\/h2>\n\n\n\n<p>Different types of debt have different average interest rates. The average interest rate for auto loans, for example, was <a href=\"https:\/\/www.businessinsider.com\/personal-finance\/average-auto-loan-interest-rate\" target=\"_blank\" rel=\"noreferrer noopener\">5.76 percent for a new car<\/a> at the end of 2019. But we\u2019re talking about credit card interest here. If the average is 15 percent, you can consider above that high and below that low.<\/p>\n\n\n\n<p>What you personally consider a high or low interest rate probably also depends on your credit score. According to <a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_consumer-credit-card-market-report_2019.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">data from the Consumer Financial Protection Bureau<\/a>, in 2019 people with superprime credit scores\u2014scores of 720 or higher\u2014had average credit card interest rates of around 13 percent. But those with deep subprime credit\u2014scores of 579 or lower\u2014had average credit card interest rates around 21 percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-can-your-interest-rate-change\">Can Your Interest Rate Change?<\/h2>\n\n\n\n<p>Yes, your credit card interest rate can change. It can go up if you miss payments or exceed your credit limit. This is sometimes referred to as penalty interest. It can also go down if you demonstrate an excellent account history or improve your credit history.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1501\" height=\"698\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1.png\" alt=\"Your credit card interest rate can go up if you miss or exceed your credit limit. It can also go down if you demonstrate an excellent account history.\" class=\"wp-image-358700\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1.png 1501w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1-300x140.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1-600x279.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1-768x357.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1-450x209.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1-900x419.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-1-1-1400x651.png 1400w\" sizes=\"(max-width: 1501px) 100vw, 1501px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-negotiate-a-lower-credit-card-interest-rate\">How to Negotiate a Lower Credit Card Interest Rate<\/h2>\n\n\n\n<p>While it\u2019s <em>possible<\/em> that your credit card company will offer you a lower interest rate simply because you\u2019ve done a good job managing your account, you usually have to ask them first. After all, they\u2019re in the game to make money, and randomly offering people better terms doesn\u2019t drive their bottom line. Follow these steps to negotiate with your credit card company to potentially get a lower interest rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-do-your-research\">1. Do Your Research<\/h3>\n\n\n\n<p>First, research your account and other offers, including competitor offers and those your credit card company might be advertising for new cardholders. Make sure you know what your interest is currently, how long you\u2019ve been with the company and what the details of your account are. If you\u2019ve always paid on time, for example, that might be a good point to bring up when negotiating your interest rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-improve-your-credit-score\">2. Improve Your Credit Score<\/h3>\n\n\n\n<p>Try to ensure your credit score is better than when you first applied for the card. At the very least, make sure it\u2019s not <em>lower.<\/em> Some ways to <a href=\"https:\/\/www.creditrepair.com\/education\/improve\/how-to-improve-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">improve your credit score<\/a> include disputing incorrect negative information, reducing your credit utilization by paying down credit card debt and ensuring you have a good credit mix.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-call-your-credit-card-company\">3. Call Your Credit Card Company<\/h3>\n\n\n\n<p>Call the customer service line for your credit card company. Let them know you\u2019ve been an account holder in good standing for several years\u2014or whatever time period is relevant. Highlight your excellent payment history with the credit card company, and note that your credit score is higher than it once was because of your responsible management of finances.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1505\" height=\"834\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1.png\" alt=\"How to Negotiate a Lower Credit Card Interest Rate: Do your research, improve your credit score, call your credit card company\" class=\"wp-image-358701\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1.png 1505w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1-300x166.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1-600x332.png 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1-768x426.png 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1-450x249.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1-900x499.png 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2020\/08\/Asset-2-1-1400x776.png 1400w\" sizes=\"(max-width: 1505px) 100vw, 1505px\" \/><\/figure>\n\n\n\n<p>Let them know you\u2019re entertaining other credit card offers, but you wanted to give them a chance to possibly match the interest rate. You want to paint a picture that you\u2019re a valuable customer who is looking at other options so they\u2019re motivated to work to keep you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-ways-to-lower-your-credit-card-interest-rate\">Other Ways to Lower Your Credit Card Interest Rate<\/h2>\n\n\n\n<p>It\u2019s not always an option to lower your rate by negotiating with your credit card company. Sometimes, the card issuer simply doesn\u2019t want to play ball, and other times, your credit or payment history might not be strong enough to support your demands. Here are some other ways to lower your credit card interest or the cost of your <a href=\"https:\/\/www.creditrepair.com\/blog\/uncategorized\/10-ways-to-avoid-credit-card-debt\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit card debt<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-consolidate-credit-card-debt\">Consolidate Credit Card Debt<\/h3>\n\n\n\n<p>Take out a personal or <a href=\"https:\/\/www.creditrepair.com\/blog\/lending\/what-is-debt-consolidation\/\" target=\"_blank\" rel=\"noreferrer noopener\">consolidation loan<\/a> and use it to pay off your credit card debt. According to Federal Reserve data, the <a href=\"https:\/\/www.businessinsider.com\/personal-finance\/average-personal-loan-interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">average interest rate for a short-term personal loan<\/a> at the beginning of 2020 was around 9.6 percent. That\u2019s much lower than the average credit card interest rate, which means there\u2019s a good chance you can lower your rate by converting your debt.<\/p>\n\n\n\n<p>Make sure that you close the credit card or put it away and stop using it, though. If you keep using the card, you could run up debt on it again and find yourself with double the debt you started with.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-consider-a-balance-transfer\">Consider a Balance Transfer<\/h3>\n\n\n\n<p>If you can qualify for a balance transfer credit card with a low introductory APR, you could find yourself with one or two years of zero percent interest. You transfer the balance from the high-interest credit card to the card with the introductory rate. If you can pay off the balance within the introductory time period, you can save a great deal of money.<\/p>\n\n\n\n<p>Again, it\u2019s important not to use the old card without paying it off monthly. If you run up the balance again, you now have two cards and double the debt to deal with.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-get-help-from-debt-counselors\">Get Help From Debt Counselors<\/h3>\n\n\n\n<p>If you feel stuck with high-interest credit card debt and a seemingly endless cycle of minimum payments that never get you ahead, it might be time to <a href=\"https:\/\/www.creditrepair.com\/education\/counseling\/overcoming-credit-card-debt\" target=\"_blank\" rel=\"noreferrer noopener\">talk to a debt counselor<\/a>. <a href=\"https:\/\/www.creditrepair.com\/articles\/debt-solutions\/how-debt-counseling-works\" target=\"_blank\" rel=\"noreferrer noopener\">Debt counselors<\/a> can help you develop a better budget, negotiate with credit card companies and other lenders and create a payment plan to get you back on track in the long term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-make-your-financial-health-a-priority\">Make Your Financial Health a Priority<\/h2>\n\n\n\n<p>Unfortunately, finances don\u2019t manage themselves. If you\u2019re not keeping an eye on them, you never know what\u2019s happening. Check your credit reports regularly to see where you stand and ensure inaccurate information isn\u2019t being reported. And check your credit card statements to understand your interest, whether it\u2019s changed and whether you might be able to negotiate a lower rate to save money on your debt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lower credit card interest rates can help you save money on debt. Find out how to lower credit card interest rates via a number of tactics.<\/p>\n","protected":false},"author":53,"featured_media":358632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[455],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Effects of Lowering Credit Card Interest Rates - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"Lower credit card interest rates can help you save money on debt. 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