Using a credit card can be quite tempting with the convenience of purchasing something you want now and not having to worry about paying for it until later. However, depending on your card's annual percentage rate (APR), paying later may involve paying a significant amount more for an item than its actual purchase price. If you are frustrated at paying hefty finance charges on your credit card statement each month, you can take steps to possibly lower your card's APR.

Be realistic

Do not pick up the phone and prepare to battle your credit card's customer service agent until you have taken a good look at your performance as a customer. Interest rates are typically assigned according to the perceived risk of a given customer. The riskier it is to lend money to an individual, the higher his APR is likely to be. Some items to consider before you unleash your frustration on your credit card company are: whether you pay your bill on time, whether your card is "maxed out," and whether you are only making the minimum payment each month. If you fall into any of these categories, now is the time change your behavior. Make sure you pay your card on time, do your best to pay more than the minimum to lower your total balance, and try to avoid using the card for additional purchases for the time being. These changes should help lower your risk as a customer and put you in a better spot to negotiate your APR.

Improve your credit score

Raise your credit score to lower your risk as a customer. An individual's credit score plays a large role in helping credit card companies evaluate consumer risk. In determining your APR, your credit card company will take into consideration your behavior across the board and not simply with their company. In other words, you may be a great customer at Credit Card Company X, where you want your APR lowered, but if you are defaulting on your mortgage or not paying other debts, your credit score will be plummeting. A low credit score is likely to result in a high APR. Raise your credit score by paying all your bills on time and not taking on additional debt. As you lower your debts in comparison to the amount of money you bring in, your score should rise. The better your credit score, the more value you will have as a customer your credit card company will want to keep.

Make a call

Once you have maintained a good track record as a customer and improved your credit score, call your credit card company and request a lower APR. If the initial person you speak with cannot help you, ask to speak to the agent's superior. Keep your composure on the phone and politely, yet firmly, request an APR reduction.

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Reduce Credit Card Interest

Lower Credit Card Interest Rates