3 Ways To Get A Low-Interest Credit Card

MoneyTips

Is your credit card interest rate causing you financial pain? As of April 2020, the average annual percentage rate (APR) across all credit cards is 16.12%. Low-interest rate cards average 12.95% – a huge improvement when you're struggling with debt.

If your card's APR doesn't measure up, how do you get a low-interest rate credit card?

1. Improve Your Credit Score – Is your credit score the same or worse than when you received your card? If so, your card issuer probably sees you as just as high a risk as ever. Why would they lower your rate?

"The best way to get your interest rate lower is to raise that credit score," agrees financial educator and author Tiffany "The Budgetnista" Aliche. "If you have a higher credit score that means you are more likely to pay back. And if you are more likely to pay back, they are more likely to lower your interest rate. If you are not likely to pay back, people want their money upfront."

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