Consumers may often find themselves inundated with credit card offers in their mailboxes, but it can take some effort to get one with a low interest rate. Consumers with good credit ratings should shop around to ensure they're getting the lowest rates possible and be willing to negotiate with creditors to get the best deals.
Existing Accounts
You may be your best source of free help for reducing the interest rates on your credit cards. Just making a phone call to your card issuer to request a lower rate could save you hundreds of dollars in interest charges over time if the issuer agrees. You may have unsuccessfully asked for lower rates before, but it doesn't hurt to ask again. If you have kept your accounts in good standing by paying your bills on time and not exceeding your credit limits, play up those points with your card issuer's customer service department to try to get a better rate.
New Accounts
Consumers should seek better deals on credit card rates even before they open new accounts. Contact a credit card company's customer service department and tell the representative you're interested in opening an account but you first want to know what interest rates are available. Don't be afraid to ask for a rate that's lower than the ones quoted. If you have a good credit rating, emphasize that with the representative to justify your request for a lower interest rate.
Online Offers
Some financial websites allow users to shop online for low interest credit cards. For instance, the Bankrate website allows people to compare low interest offers and apply for a credit card if they find a deal they like. However, the card issuers display an interest rate range on the site, such as 11.9 to 19.9 percent. There's no guarantee you will receive the lowest rate so contact the companies with the best offers to find out how high your interest rate would be before you apply.
Considerations
People who don't have a good credit history to qualify for low interest credit cards can use free advice provided online to improve their credit scores. Raising your credit score can help you qualify for low interest cards in the future. Fair Isaac Corporation created the FICO scoring model that's used by creditors and lenders to judge people's creditworthiness. The company's website includes tips for improving FICO scores, such as paying bills on time since late payments can have a significantly negative impact on a FICO score.
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