Lower credit card interest rate
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Lower credit card interest rate

The lower your interest rate the lower your monthly payments ...

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With every credit card you get you have an interest rate. Your interest rate determines how much the credit card company is going to charge you for borrowing money from them. The lower your interest rate the lower your monthly payments will be, and the more money you will have left in your pocket at the end of the month.

How is my interest rate determined?
Your credit score determines your interest rate. You credit score is like your credit report card. It lists all of your loans and lines of credit, and your payment history with each loan. Missed payments and high balances make your credit rating go down, while low balances and on time payments help it go up.

What can I do to get a lower interest rate?
Keeping balances on your existing loans low, and always making your payments on time help make your credit score go up. The higher your credit score, the more loans you will be eligible for, and the lower the interest rate on those loans will be. Keeping low balances will make you an attractive customer for credit card companies, in order to get your business they will offer you the lowest interest rates they can.

Also try to avoid applying for credit that you know you don’t qualify for. Each time you apply for a new loan, or a new credit card the company will run your credit. If you don’t qualify for the loan, then your credit rating will suffer. If you apply for loans often that you aren’t eligible for you can seriously damage your credit rating.

Where can I get the lowest interest rates?
Some of the lowest interest rates tend to come directly from banks. If you have an account at your local credit union or bank check with them and see what their current rate would be for a credit card.

There are also several credit card companies that will offer low interest credit cards, or even zero interest credit cards to qualifying recipients. Read through the credit card ads you get in the mail, or check online and see what kind of offers are out there. There are plenty of great credit card deals out there if you can find them. (don)
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