Credit card APRs aren’t set in stone when you apply and get accepted for the card. It’s possible for it to decrease and increase depending on the circumstances.
But being a good customer with good credit history won’t automatically get your APR lowered.
You’ll have to call the company and ask for a reduction.
How can you get your APR Lowered?
APRs are heavily based on your credit history. Those with good credit history will find that getting it lowered is a little easier.
Making payments on time, keeping the balance below 30% of your credit limit, spacing out your credit applications, and checking your credit report are ways to ensure a good credit score.
Knowing your credit score before calling is essential. Make sure to gather other leverage as well such as other credit card offers with lower APR.
Credit companies want to keep your business, so letting them know you’re willing to switch will help get it lowered.
When calling the company, be persistent yet polite about getting your APR lowered. Make sure to use all of your leverage if necessary.
The Bottom Line
Switching card issuers might be the best option to getting APR lowered. Companies are hungry for your business, so many offer introductory promotions. Many, if you qualify, come with 0% APR for a short period of time.