How to Change Credit Card Rates

With some effort, you can lower your credit card rate.

Credit card interest rates often are higher than any other form of monetary loan, such as student loans, mortgages and car loans. If you pay only the minimum due on your credit card balance each month, most of this money goes toward paying down only the interest rate of the card. If it is becoming difficult to reduce your total debt, you may wish to consider lowering your credit card interest rate.

Instructions

1. Look on the back of the credit card. There is a 1-800 telephone number listed there for customer service.

2. Call the provided number and make your way through the automated responses until you reach a live customer service representative. Try to be patient as this step may take some time.

3. Explain your situation to the individual and ask to be placed into what's called a "hardship program." This is a program offered by most credit card companies that lowers an interest rate (often to 0 percent) for several months -- generally between three months and a year.

4. Ask for written confirmation once you are placed into the program. The company will mail you information about the program, including its duration. Although this is not a permanent program, it does give you several months to pay off your credit card without added interest hindering your payment efforts.

References

• The Digerati Life: How to Lower Your Credit Card Interest Rate