Welcome!

News Feed Item

MyRatePlan's Guide to Getting a Lower APR

SEATTLE, WA -- (Marketwired) -- 07/25/14 -- MyRatePlan, a leading source on the credit card industry, recently looked into the problem of high credit card rates. Many Americans pay out hundreds, or even thousands, of dollars each month on credit card interest. These payments can put a serious cramp on a family's budget, but there is good news. Many times, it is possible to find a lower APR. Here are some steps that consumers can take to ensure that they are paying no more to credit card companies than necessary.

Find out the Current Interest Rate Charged

The first step is to find out the current rate that the bank is charging. This rate should be on every monthly statement. There can be different rates for purchases, balance transfers and cash advances. Some cards for consumers with good credit will have rates that are under 10 percent. Other cards can charge up to 29.99 percent. Depending upon the amount owed, this difference in interest rates could add up to huge outlays.

Look around for Lower Rates

Next, consumers should check to see what rates are currently available for new cardholders. Many banks will offer introductory 0% APR rates for new borrowers. At times, these rates can even be 0 percent for six to 18 months. This search should include both the current card held and other cards that are available.

Compare Interest Rates and Credit Rankings

There are a number of websites that can give consumers a great idea of what the average interest rates are throughout the country. Knowing this information can be beneficial when talking to one's credit card company. Additionally, those who have credit card debt should know what rate they should be paying based upon their credit score. Promotional rates are generally the cheapest. Those who have outstanding credit scores will have lower rates than average and subprime borrowers. Those who fail to pay on time can get slapped with a punitive rate that can reach 29.99 percent. However, those who have outstanding credit have no reason why the bank should be charging them the same interest rate as someone with average credit.

Call the Bank

After gaining all of this knowledge, MyRatePlan recommends that cardholders call their bank to try and get a lower APR. Those who are able to bring solid information to the table are more likely to get a bank to listen to them. It is wise to use the information gathered to request a lower interest rate. The initial customer service rep is likely to deny the request. Should this happen, consumers should ask to go up the chain to their supervisor. This process might have to be repeated at the next level. Asking to talk to the supervisor immediately after getting the name and ID of a customer service representative should work. After explaining the current situation, the bank will frequently agree to lower the interest rate. Banks do this on a regular basis for a wide clientele. Why not try to take advantage of the opportunity to save money on your debt payments?

Be Prepared to Transfer a Balance

Other banks will likely offer an interest-free introductory period for new cardholders. If an existing credit card company refuses to lower their interest charges, borrowers would be well-served to apply for a card that charges 0% APR on balance transfers. The interest-free period can sometimes reach as high as 18 months. Those with solid credit should not have a problem getting approved, but they should expect a one-time balance transfer charge of up to 3 percent of the amount transferred.

Ask about Forebearance Plans

A debt management plan might be available to consumers who've lost a job or had a major illness. Many who inform credit card companies of their current crisis can get the bank to lower their interest rates and set up payment plans. Banks have an incentive to do this because getting the principle back is better than getting no money at all. Of course, it is important to remember that some banks will report this activity to reporting agencies, and a borrower's credit score can take a major hit.

Credit card companies are frequently willing to lower interest rates for consumers. Borrowers with knowledge are more likely to get what they want, but those who choose not to contact their bank will not get any reductions at all.

About MyRatePlan:

MyRatePlan.com is a leading comparison site that allows users to compare credit cards, mobile phones, cell phone plans, and more. MyRatePlan was founded in 1999 to help users find the best recommendations for them based on innovative and proprietary tools and customer input.

Contact:

Logan Abbott
(858) 454-5900 Ext. 10804
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.