One of the most important things to know about any credit card offer is the interest rate. Even more so than an annual fee for anyone carrying a balance, this can determine how much a credit card will cost you.

Fortunately, there are ways to get lower rates even on credit cards you have already. The first thing you need to do is see what kind of rates you can get another credit card company to offer you. If you can get a 0% APR for transferring your balance to another credit card company, call your current credit card company and see if they will drop your rate. They probably don’t want to lose your business, so you should be able to get them to drop your rate at the very least.

The alternative offer can really help in this situation. Yes, you may be able to get a lower rate just by calling and asking for one, but having that competitive offer can really drive your current credit card company to give you a little bit more.

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