To find the lowest interest rate possible for credit cards, consumers should just simply ask their credit card issuing companies, according to U.S. News and World Report. They should also maintain good payment histories and shop around for better deals to present to their credit card companies.
Consumers should collect other credit card offers they have received and compare the top features of notable offers with their current card rates and benefits, says U.S. News and World Report. When they call the credit card companies, they should explain the new offers they have gotten and why staying with the current company seems unrealistic unless the lowest possible rate can be granted. Before they call to ask for an interest rate decrease, they should ensure they are up to date on all payments and have not recently applied for loans. In some cases, consumers are better off waiting a few weeks or longer before contacting their credit card companies so they can pay down cards and improve their credit histories.
Consumers should also be willing to leave their current company and sign up with a company that offers better rates, says U.S. News and World Report. While wealth and high levels of education heighten the chances of approval for the lowest rate, people from all brackets and education levels have realistic chances of being approved.