Want Lower Credit Card Interest?

This just in: there may be a way to get lower credit card interest, a way so stunningly simple, so startlingly brilliant, it's no wonder the financial wizards didn't think of it sooner. Now lean in close and listen up, because this stellar method for getting lower credit card interest will knock your socks off. Are you ready? Here it is: Ask.

What do you mean, a one word reply is cheating? Okay, try this: if you want lower credit card interest, ask for it. Seriously. Call your credit card company and ask if they can give you a lower interest rate. 7 or 8 times out of ten, they'll actually give it to you.  Credit card companies need their customers, especially their good ones, to keep them in business. And if it comes to a choice between making a little less profit or making none at all--many credit card companies will choose the latter, giving you lower credit card interest rather than risk losing you to another company who will.

Of course, there are things to keep in mind. (Aren't there always?) Long time customers who pay when they're supposed to and don't give the credit card companies any hassles are more likely to get their interest rates cut, and cut lower, just for the asking, than someone who regularly pays only the minimum, or misses payments altogether, or is constantly calling to complain about some aspect of their bill. But in general, especially if you're a good customer that they want to hang on to, just ask, and ye shall recieve.

If you're prepared to switch credit card companies if they don't give you a better rate, your chances improve drastically. Don't make the threat unless you actually plan to go through with it--but if you had been thinking about changing companies to get a lower credit card interest rate, anyway, why not call the company you're with and see if they're willing to match--or even beat--the company you're thinking of switching to?

For people who are used to paying an interest rate on their credit cards, they may be surprised to find out there really is such a thing as a 0 credit card interest rate. However, there is in fact such a thing, and the truth is that they may be able to enjoy that perk without ever changing from their current credit card providers.

Many credit cards are issued without any type of annual fee assessed. In place of that annual fee, there is an interest rate structure that is in place. Typically, the interest rate is applied to any outstanding balance on the card over thirty days. In the event of failure to make payments on time, the card issuer may invoke a higher interest rate. The expectation is that people will in fact not pay off their cards every month, and therefore will be accessed some interest on the outstanding balance.
So, if you want a 0 credit card interest rate, what you do is pay off your cards on time every billing cycle. With no outstanding balance to calculate interest on, you end up with a 0 credit card interest rate.

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