How to Get a Lower Interest Rate on a Credit Card

Video Transcript

"Obviously the first step for you would be to contact your current credit card company with whom you have balances with them. Now, what you want to do, when you call them is to tell them I would like for you to offer me this or I would like for you to lower my interest rate, give me whatever specials that you currently have running. It can be zero percent. It can be one point nine, two point nine, three percent and that could be ongoing for about three for up to six months or up to a year. Now one of the requirements that they will make, they will give you will be for you to make sure that you are making the monthly payment on time because as soon as you default or you run about a day or two late on making that payment, then it will automatically revert back to you, to, to the old interest rate you had. It could be, which could be eighteen, nineteen, twenty percent. If all fails and they did not lower that credit, credit, the, the, the rate for you, then the next step, not naturally would be for you to shop around. Shop around with other lenders, other banks out there in terms of what kind of interest rate you can get, and then once that's been done, move the balance over, but remember to close this account, okay because too much credit or too much credit limits or available credit is not a good thing as well from a lender's perspective."