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.

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
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...