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
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...