Current credit card users may be looking for a lower rate on their card, as there are some reports that national averages on credit cards, thanks to specific types of cards, may have increased in interest but this will obviously depend on a cardholder’s situation as to what, if any increases they did see. Yet, there have been cases where cardholders may have seen a dip in their credit score and, as a result, interest rates may have risen on current lines of credit they have, however when it comes to getting a lower rate on a credit card, some cardholders may have limited options as it could require either getting a new card or repairing their credit to a point where a review by their credit card lender or a request on the part of a cardholder would offer them the chance to get a lower rate.
Understandably, cardholders are not typically advised by financial professionals to simply open new lines of credit every time a lower rate is available, as too many credit inquiries or the chance to run up a high amount of debt could put consumers in a situation where it sets them back in terms of their credit score as well. However, consumers who may not be in a position where they have gotten an optimal interest rate on their credit card have benefited in the past when it comes to working on improving their overall credit score and history, as this is the indicator of how much of a risk cardholder will be and may lead to a more affordable rate on the card or other lines credit.
Yet, one alternative that cardholders might have if they are not in need of improving their credit score is to simply contact their credit card lender and inquire about getting a lower rate. While this may sound simplistic, there have been success stories seen in the area of credit card rate reductions when a cardholder has a relatively good score and history, or may even be in excellent financial position, but have not seen any changes in their credit card rate. Obviously, there are new credit cards that are always being advertised and potential lower rates that a cardholder could qualify for, so this may prompt some credit card lenders to offer rate reductions upon a request by a cardholder because it may allow that credit card lender to keep a customer.
It goes without saying that, even here in September where we are further removed from the recession and economic downturn years ago, debt on credit cards is still a problem for many, joblessness and the inability to pay certain debts has been an issue, but cardholders are also working to pay down what they owe in some instances and avoid relying on credit cards as they did in the past. While this is not true of every consumer, for those credit cardholders who are looking for lower rates on their card, financial professional obviously feel that avoiding these problems will be necessary as keeping debt low, repayments on time, and simply proving that a cardholder is deserving of a lower rate may require different techniques and strategies on the part of a consumer, but for those who are finding their credit card rate to be problematic, speaking with a lender or working to improve a credit score has been a step in the right direction for some in the past who are looking to achieve this end result.