How to Lower Store Credit Card Interest Rates

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Each consumer with a store credit card, such as one for WalMart, Target or a department store, has an interest rate attached to that card. Sometimes, after a promotional introductory rate has been issued, the consumer will note a large leap in his rate. If this is the case for your store card, here is a step-by-step guide on how to lower your store credit card interest rates.

  • Check your credit score through a website, such as FreeCreditReport.com. Get a tri-merge report, which lists all three bureau's scores. The three credit bureaus are Experian, Equifax, and TransUnion. You will be asked to provide your full legal name, social security number, credit card information and date of birth. You will also have to pay a fee to get all three scores.

  • Find the contact information for the credit card processor listed on your credit card statement.

  • Call the 800 number listed on the statement, and ask to speak with a representative.

  • Request a lower interest rate on your card. State your current rate, and request that it be reduced. Cite on-time payment and a good credit score (if applicable) as reasons for the rate reduction. A good credit score is 700 and above. Ask to speak to a manager if the representative cannot lower your interest rate.

  • Transfer your store credit card balance to another credit card, using your balance transfer option, if the credit card does not lower your balance. You may have to open another credit card to utilize this option.

Tips & Warnings

  • Some suggest calling back several days in a row to your credit card company to request a lower rate, if not successful on the first try. This might be a good option if you cannot transfer the balance to another credit card.
  • Other financial planners suggest telling credit card companies that you are going into bankruptcy and would like to prevent that by lowering your monthly payment. While this might work to get you a lower interest rate, it could result in the company shutting off your credit card. This can negatively affect your credit. Tell the truth instead.

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