One of the best things that you can do for yourself is to make an active effort to get the lowest interest rate possible on any credit cards or loans that you use. The lower your interest rate, the less that you are paying to be able to access the money that you’re using. A zero percent interest rate means that you are borrowing that money for free. And that means that you’ve got more money in your own pocket whenever you have a lower interest rate than what you had in the past. So you want to do whatever it takes to get that interest rate down as low as possible – especially if there’s any chance that you can get it down to zero!
Here are the top tips for lowering your credit card’s interest rate:
• Balance transfers to new credit cards with lower interest rates. There are people who move their balances around every six months in order to regularly access the best interest rates that are being offered to them. People with good credit can often manage to keep their interest rates at zero by regularly moving balances to credit cards being offered with a zero percent introductory rate. Be aware that you will pay a fee to make the transfer and that the rate following the introductory rate may end up being very high.
• Make your payments on-time and in full. If you can get your debt-to-income ratio in a better position than it currently is and you can get your payment history to be strong then you really put yourself in a better position in terms of being able to access a good interest rate. This may come in the form of a balance transfer or by requesting the lower interest rate; either way, it’s something that benefits you.
• Keep your cards for a long time. You are much more likely to get a better interest rate if you have a long history as a borrower with the same company than if you are just asking for a lower interest rate on a brand-new credit card. Show that you are a stable and steady borrower and the lower interest rates will follow.
Basically, you’re going to be able to get lower interest rates if you create a compelling argument for why you should be allowed to get them. Be smart about your credit and you’ll be able to get the best rates and keep more money in your own pocket.
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