How to Lower Your Credit Card APR

How to Lower Your Credit Card APR

by J. Richard Shanley

From time-to-time, we hear of ways to lower your credit card's APR. "Just pick up the phone and call your bank," they say. If you've tried to do lower your cards APR, you may find that it's not that easy. You do have to do the work to get your annual percentage rate lowered. The upside: you can get your rate lowered. The downside: It may not happen for a few months.

1. Maintain an excellent payment history. Make sure your payments are on time. On time payments, in my opinion, reflect positively on your ability to get your APR lowered. When talking to the customer service representative, stress the fact that you have not been late with your payments for X amount of time. Also, stress how long you've been with the company. Talk up your sense of customer loyalty.

2. Do your research. If you APR is too high and you want to take your business somewhere else, be sure you've done your research. When you're on the phone with the representative, have the most attractive offers in front of you so you can cite the reasons why you're thinking of a balance transfer.

3. Be polite. This one can not be overstated: Be polite, be polite, be polite. These men and women work hard at their jobs for hours on end. Clearly they'll respond more positively to someone who treats them with respect than they will with someone who is demanding and rude. (Plus, you have to figure that they deal with angry and irate customers all day long.)

4. Keep climbing up the ladder. Remember, these men and women are trained professionals. Be courteous and calm when they deny your request the first time (because they will). Ask for the supervisor. Often times, they're the only ones able to approve such questions.

5. Be persistent. Sometimes you'll be denied and there's nothing you can do about it. It frustrates me when this happens as I often think of myself as the customer service king. But even for those of you who don't take "no" for an answer, sometimes there's nothing else you can do. Work on getting your finances under control and make the call a few weeks or a few months down the road.

The financial gurus paint a rosy picture about lowering your APR. It's not as easy as it looks. Often times, people hang up feeling more frustrated and helpless than they did when they made the call. Be mindful of the process and the work involved.

How To Lower Your Credit Card APR

How To Lower Your Credit Card APR

by Lawrence Fine

Your annual percentage rate is referenced as your APR. And lowering your credit APR means more money saved.

Since the rule of thumb is, 'A penny saved is a penny earned' ...it is hence necessary to find out the best ways to get your APR as low as possible. So here are some tips that will help you with this task...:

* Good credit record - the easiest way for lowering credit APR is by maintaining a good credit record generally and with the respective credit card. Have your payments done on time and be consistent with this particular aspect. The longer you are with the credit card company and have a great payment record the better are your chances for lowering credit APR on your card.

* Be relentless - it is vital that you come across as a person who is both polite and firm with the request. Many credit card company representatives are conditioned to react to such requests by postponing your demand for lowering credit APR for as long as possible. Remember while you will be getting major savings by the lowering credit APR, the credit card company would loose that much money.

* Be ready to shift - while most companies would give in, there are some which do not have the policy to reduce their APR, though this would be rare. Therefore, you would need to be ready to move your business if you fail in your negotiations for lowering credit APR. Do your research well so that you would shift to a credit card company that genuinely offers lower APR and does not have any hidden fees or other payment that would pull extra payment away.

* Develop good negotiating skills - it is important here that you do not demand the lowering credit APR for your card. Be persuasive and polite and request for the same. Learn how to lower APR by negotiation, i.e. by explaining to them that you are happy to be with them and would hate to leave them - yet, you are constrained by the better options offered to you by the other company (ies).

Usually, a credit card company (and any other company as a matter of fact) would not like to have their clients leave for their competition and hence, do their best to match the offer.

* Look for competition - today there is a lot of competition in the market. This will provide you with the best opportunity and means for lowering credit APR. For people who do not have the patience to stick with a credit card company for long enough to create a great impression with them this is how to lower APR fast.

Check out on the Internet for the best rates that exist in the market and then pick up the phone and renegotiate the terms with your credit card provider. If they agree to lowering credit APR on your card - great. If not, take our business elsewhere.

If you follow the tips and learn how to lower APR, lowering credit APR can be farily easy. Just hand in there and do your research and hard work to get the best rates you can!