How to Lower the APR on Credit Cards

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In order to lower the APR, or interest rate, on a credit card, a person should be dutiful in paying the balance off every month. Find out how to make more than the minimum payment with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
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This is financial adviser Patrick Munro talking about how to lower APR on credit cards. Basically the best way to work with a credit card company to lower the interest rate or APR on the card is to be dutiful in paying the balance off every month. Or if you must make the payments, don't make the minimum payment but rather, a little more than the minimum payment to show an effort at retiring the credit card debt. This is one of the best ways to lower the APR on a credit card. The other way to lower it is lower it before you ever get it, which means having a great credit score to begin with. And the way to do that, of course, is to find out where your existing credit score is, and, of course, send in for your credit report from the various agencies. There are three of them, Experian, TransUnion and Equifax, and you send in a written letter with your social security number, and hopefully, you can monitor your credit. Always tweak it and improve it, lowering existing debt, and therefore get a higher credit score, which will result in a lower APR on your credit cards. This is Patrick Munro, financial adviser, talking about how to lower APR on credit cards.

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