Credit cards usually carry a pretty high interest rate with the highest being about 25%. Many consumers wonder if they have to keep paying such high amounts and that?s not always the case.

It is possible to get lower interest credit cards from some companies and even lower your existing interest rate.

The first thing you can do is simply call your credit card provider and ask for a better rate. Tell them you’re about to switch the balance somewhere else and you’re giving them a chance to make you an offer. At the very worst, you might get a lower rate for a few months, at which time you can do it all again.

If your company won’t give you a lower interest rate, you can search around for a company that will. Searching online is one of the easiest ways to find lower interest rates cards. Mailers, billboards and ads can also alert you to companies that are offering better interest rates. Last but not least, you can call your bank and even MasterCard and Visa to ask them for a list of preferred issuers.

Any applications to other companies will usually be processed in under two weeks. If you haven’t heard back, make some enquiries with them about your application.

It is actually possible for you to find out the reason an application was turned down. If you ask, they need to send you a report that explains their reasons. You should also check your credit report for negative marks.

Keep accurate records of your credit and what you have spent with them. Bear in mind to always read the fine print carefully – the lower interest rates might be introductory only. What this means is that they can raise the rates after a certain amount of time.

These ‘clever’ marketing tactics often result in consumer having to end up paying more interest in the long run. If you have a good credit rating companies are more likely to give you lower interest rates.

If you are in already in credit card debts, you can engage a credit counselors to help you gain a lower interest rate; in essence doing what you can do yourself. Call the credit card companies and ask for a lower rate.

Many people aren’t comfortable with this though and prefer a professional to do the negotiating. Bear in mind you will pay a fee for this service.

Jared Wright is the marketing manager of Clivir.com where people meet to learn from one another on topics such as debt relief. You can follow the links to find more debt related articles: http://www.clivir.com/classrooms/show/what-is-debt-consolida tion-how-does-debt-consolidation-work.html http://www.clivir.com/lessons/show/what-are-the-best-debt-co nsolidation-companies.html

Article Source: ArticleSpan

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