If you have a credit card, one of the best practices is to ensure that you pay down your balance every month. However, many cardholders carry credit card debt from one month to another – which means they end up losing much of their hard-earned money to interest payments. One of the ways you can save on this front is by getting your interest rate lowered. While it may sound difficult, you’ll be surprised at how easy it is to achieve this goal, as long as you follow the steps listed below.
1. Boost Your Credit Score
Your credit score is the most important factor that determines your rate. Improving your score can go a long way to lowering your interest payments. The fastest way to boost your score is to pay down your debt. So do your best to reduce your credit card balances, mortgage and personal loans. Money management and debt reduction apps, such as IOU Debt Manager and Mint, can help you to handle your money wisely, and may also assist you in putting aside funds for loan repayments. This way, you can succeed in increasing your score and lowering your interest rates within a short period of time.
2. Utilize Balance Transfer Offers
To entice new customers, many card companies offer low introductory rates to applicants. By using these zero- or low-interest balance transfer offers, you can avoid paying interest on your credit card debt for a year or more. This may give you enough time to significantly reduce your debt to manageable proportions. However, be aware that such offers are valid only for a limited period of time, after which you may have to cough up much higher interest payments.
3. Negotiate for a Lower Rate
It is easier and less expensive for banks to retain customers than it is for them to acquire new ones. Thus, to avoid losing your business, your card company may lower your rate, as long as you give them a valid reason to do so. For example, if you have been a good customer and have had an account with the institution for several years, you may request an improved deal by citing better offers from one of their competitors. Nevertheless, before you put forth your arguments, make sure you have your facts straight; customer representatives can easily verify the details by pulling up your history. In case the person you’re speaking to is not authorized to make this decision, ask to be transferred to a supervisor. Make sure that you’re polite and not rude or impatient.
4. Find Out What Other Consumers are Paying
It is important for you to do a little bit of homework and research as to what other customers are paying. This will make your case stronger when you negotiate. For example, it is not uncommon for rates to fluctuate over a period of two months, and depending on when you opened your account, you may be paying more than another consumer with a similar credit profile.
5. Switch to Another Institution
Sometimes, despite your best efforts, your current card company may be unwilling to lower your rate, even while another issuer is offering you a much better deal. In such cases, you shouldn’t hesitate to change your institution. Today, there are many banks that offer loans to individuals and businesses at 0% interest for a period of 6, 12, or even 18 months. These can be used for a variety of purposes, from funding a business to making a down payment for a home. Fund&Grow utilizes these offers through creative credit card financing to enable clients to get as much as $50,000 - $250,000 of unsecured credit. For a flat fee, our team not only guides customers, but also takes care of most of the paperwork. So if you’re interested in obtaining credit at 0%, call us at (800) 996-0270 and let’s talk about it.
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For over 15 years, Fund&Grow has helped 30,000+ business owners get access to over 1.6 Billion dollars of business funding. We're on a mission to empower the small business owner by helping them tap into the smartest form of funding: Unsecured Business Credit – so that they can achieve their goals and dreams.
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Ari Page and the Fund&Grow team help business owners obtain access to credit despite the ambiguous lending climate. Many people feel ripped off and scammed by the bank bailouts and wonder why they can't use the system to their advantage the way the big banks did. If you have good credit, the Fund&Grow program will get you the funds you need to grow your business.
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All credit is subject to lender approval based upon credit criteria. Up to $250,000 in business credit is for highly qualified clients over the term of the membership with multiple credit card batches and/or credit lines. Introductory rates of 0% apply to purchases and/or balance transfers after which it reverts to an interest rate, which varies by lender as disclosed in the lending agreement. Fund&Grow is not a lender.
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