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Debt

Lower your credit card interest bill

Credit card interest is usually the most expensive money people borrow. Lowering the rate or paying the balance faster saves the most.

Quickest win: Pay more than the minimum

Where to start: effort vs impact

Small ← Impact → Big
3Pay more than the minimum
2Use a balance transfer offer carefully
1Ask for a lower rate4Pay highest-rate debt first5Get help from a nonprofit credit counsellor
EasyEffortHard
Credit card interest

Photo: Yuri Samoilov, CC BY 2.0, via Wikimedia Commons

Card interest rates are high, and interest compounds on unpaid balances.

Ways to save

1
Ask for a lower rate

Card issuers sometimes lower rates for customers with good payment history.

Easy Good saving
2
Use a balance transfer offer carefully

A 0% transfer can save a lot if you pay it off before the promo ends; watch the transfer fee.

Some effort Big saving
3
Pay more than the minimum

Even a little extra shortens the payoff time.

Easy Big saving
4
Pay highest-rate debt first

The avalanche method saves the most interest.

Easy Good saving
5
Get help from a nonprofit credit counsellor

Look for agencies affiliated with the NFCC.

Easy Good saving

Step by step

  1. List every card with its balance and interest rate.
  2. Call each issuer to ask for a lower rate.
  3. Decide on a payoff order and set up automatic payments.

What to say

Hi, I’ve been a customer for [X] years and I always pay on time. I’m working on paying down my balance, and I’d like to ask for a lower interest rate on my card. What can you offer?

Fill in your details in the script builder →

When

Any time; best after a few months of on-time payments.

Watch out for

  • Balance transfer fees and the rate after the promo ends.
  • Debt settlement companies that charge large fees up front.

Did it work? What readers report

Real results from people who tried these steps on their credit card interest bill. "Worked" means they got a lower price; savings are per month, counting only people who saved something.

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Tried one of these? Tell us how it went

Anonymous. We show results only once at least 5 people have reported, and never show single reports.

See results for every bill on what worked.

General information, not financial, legal or insurance advice. Terms vary by provider and state.

Frequently asked questions

What is the fastest way to lower my credit card interest bill?

Pay more than the minimum. Even a little extra shortens the payoff time.

When should I shop for credit card interest?

Any time; best after a few months of on-time payments.

What worked for readers

Cut your Credit card interest bill? Tell us what worked. The first good one goes right here.

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Questions from readers

Question about Credit card interest? Ask it here.

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