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If you have a good payment track record on your credit card and feel that your APR is too high, call the company and ask to speak with a customer service representative. They often can reduce your interest rates by between 1% and 3%. In the event the representative refuses to help you, just tell him or her that you plan to transfer your balance to a new card that gave you an offer with a lower rate. If the credit card company still won't budge, you'll have to vote with your feet and actually activate that balance transfer.
If you’d like more information on getting your credit card interest rates reduced, watch the following video for some helpful tips.
The only time it matters
Of course, whether you have a high or low APR on a credit card makes a difference only if you are not paying off your balance every month. This makes credit cards different and in some ways better than an auto loan or mortgage. These types of loans have interest rates that you must pay every month. But if you do pay off the balance on a credit card at the end of the month, you will pay no interest at all.
Get your credit score
Whether or not you're concerned about the interest rate you're paying on a credit card, you should get your credit score at least twice a year. Virtually all lenders use your FICO score in determining your interest rates and many auto insurance companies now factor this in when calculating your premium. There is only one place you can get your true FICO score and that is at the website www.myfico.com. You could either pay $19.95 for it or get it free by signing up for a free trial of the company's Score Watch program. You can also get your credit score free from one of the three credit-reporting bureaus – Experian, Equifax and TransUnion – or from sites such as CreditKarma.com. This will not be your FICO score but should be close enough that you will know where you stand in terms of your credit worthiness.