Lowering Your Credit Card Interest Rates
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Lowering Your Credit Card Interest Rates

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You may not know it but there are actually ways that you can significantly lower your credit card interest rates. This is actually a welcome option for anyone today, with the global recession affecting practically everyone and all. So, just how do you do this exactly? You have three easy options for this and each is discussed in depth below.

First, you should browse the market and look for credit cards at 0% APR interest rate. This is actually one of the first and obvious things any credit cardholder should do. Sadly, not too many do not really take the time to look for such credit cards, which is really unfortunate because this can help a lot. Most of the time, it is easy to find a lender that is willing to charge you 0% for a period of between 6 to 18 months. In doing so, you can then transfer your existing credit card balance to that new credit card ?and you get a great deal at that! But be wary of lenders that charge you a balance transfer fee pegged at 2% for there are indeed such lenders.

Second, you should contact your credit card provider. If you have exercised your right to bargain for the cheapest possible price at leaf markets and such, then this is the perfect time to master your bargaining skills. Sometimes, all they really need is a little push. Be polite when talking to your lender and tell them that you have been offered a better deal by another lender and you are considering taking your business to them. Lenders always want to keep their existing borrowers to themselves so they would be willing to lower your interest rate. Now, this can be a bit tricky but it is still worth a shot.

Third, make sure to pay off that credit card account that bears the highest interest rate first. Yes, it is human nature to assume you would get a bigger deal by paying off the ones bearing the lower interest rates because you are able to pay off more. But your balance with the high interest rate credit cards continues building up and this would actually defeat the whole purpose in the long run. Thus, pay off the one bearing the highest interest rate, to reduce your balance more effectively.

Exercise these three methods and you will see extremely significant results.

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