How can I lower the Finance Charges on my credit card?

Visa is charging me 21.49 % for purchases + 24.49% for cash which adds up to finance charge $149.00 a month. How can I reduce my monthly finance charge?

Call up another card issuer and get an new account with lower rates. Then have them transfer it all to your new card.

cancel the card look for other cards with a lower option transfer your balance

get 0% cards and move everything to them-then stop using the cards and pay off the 0%. The time for 0% is limited-so pay-don't spend

you are living over your financial limits! Spend less and pay back the credit card.

Simply call up and say that this is just too high. You may have to do a few times but while the computer does restrict certain things, it is not unusual for the decision to be the service rep.

Do this every 90 days. Now at that rate, it is going to keep you in a hole forever. You only option (besides paying it off) is to try to qualify for a lower rate card and then later transfer the funds.

That rate is probably from a simple late payment or a difficult credit which is fine but it keeps us poor even poorer.

Fight the system!!!

apply for a lower interest card and then pay old one off with it and also close old one

It can be pretty frustrating to see your monthly payment going to your creditor's pockets in the form of interest, with little going to the actual principle balance isn't it? Unfortunately when we first apply for a credit card, we pretty much let the creditor do what they want with our variable interest rates when we sign that application. Now that you want to actually do something about it, the good news is that there are some options available for you.

1) You know your financial situation better than anyone. Can your credit score and debt-to-income ratio allow you to apply AND get approved for a low interest balance transfer with another creditor? If so you may want to do that. Many creditors will offer low interest for the first 6-9 months of a new account to encourage you to transfer your balance to them. If you are able to do this, then this might be the quickest and fastest way to reduce your interest and charges.

2) You could also contact the creditor yourself. Many times, if you have been a loyal customer with a good payment history, you can negotiate a lower APR with your current account. Speak to a customer service rep, and if that doesn't work, ask to speak to a supervisor. They usually evaluate your account (see if you've been a good customer) and make a decision on the spot. This may only reduce the APR by 2-3%, but it is still a little better than where you're at now. You can always tell them that the high interest and fees, are making it difficult to make the minimum payments, and without a little help from them, you may be missing payments pretty soon. This negotiation is like a poker game, you have to try your best bluff to get some results sometimes!

3) Contact a debt counselor. Debt counseling companies have the ability to negotiate a much lower interest rate than on your own. For example, they can bring down an MBNA visa from 28% to nearly 8%. There are some things you want to keep in mind. By consolidating with a counselor, you are giving up ALL your accounts. In other words, creditors will only work with you if you are making an effort to pay off all accounts at once. Also, you will not be able to apply for any new accounts while on the program. If it's just the one card that you are frustrated with and not others, then this route isn't for you. This is more of an ALL IN option.

4) Pay it off. This is the easier said than done method. The simplest way to stop giving your creditors free money, is to pay off the account and say goodbye to them. You may need to borrow from family or friends, but paying back friends is cheaper than paying back creditors. You could even offer to pay at a low interest rate to your family to encourage them to help you. That way everyone wins!

In any case, the fact that you want to do something about your debt is great. But now you have to sit down and really think about which method would best suit your needs at home. The important thing is you want to act quickly so that your freedom from this particular debt comes sooner. Good luck with your goals!

pay your bill in full every month............but at this point you probably can't............next best thing is to pay your bill as soon as you get it.

also, call you card company and request a review of your rate to get it lowered. they should be competitive with all the offers you'll tell them you get.

call each credit card company and request it. If you pay timely, they will most likely do it for you.

Your best bet? Pay it off and never use credit again. :)

Your second best bet? Call them up and simply ask them to lower your rates. If they say no, explain to them that you get dozens of 0% balance transfers offers in the mail every month. If they aren't willing to lower your interest rate, explain that you would be happy to surf your balance to one of the other cards. You're sure another company would be happy to take your money.

Then, they'll drop your rates. Good luck!

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