08.31.07 | Want to lower your APR?
So, you’ve missed a payment or two and your interest rate has increased. you could just suck it up and pay the increased amount. Or you do have another option - just ask them to lower it!
Generally, credit card companies want to do you favors. This is particularly true, when you’ve accumulated a balance and are making them money. Therefore, if you ask them to lower your interest rate from, say, 17%, they shouldn’t have a problem dropping it a few points, or at least check to see if they can. It’s a tactic that many don’t know about because they just assume that the rate is the rate. In reality, credit card companies have a great deal of control over what they charge, and should be willing to work with you to keep you as a customer.
Additionally, let’s say you make a late payment and it’s your first one. Again, give them a call to see if they can drop the late fee. If you are good about making your payments and rarely have this a situation, they’ll most likely cut you a break. And even if you are regularly tardy, the worst they can say is, “No.”
Paying off your credit card each month is tough, particularly for college students. So, if you have trouble making payments or keeping your balance low, use your phone and good manners to keep your APR as low as possible.
