Credit card companies and banks are out of control with their increasing interest rates on loans and credit cards. They have nearly shut down money lending for many people while at the same time getting billions of dollars in bailouts. Your bank wants to increase your credit card rates. How do you fight back to reduce credit card interest rates?

Things You Will Need

credit card

Step 1

To reduce your credit card interest rate call the credit card company or the bank that owns your credit card. If you have been late on a payment then ask the company to remove the late fees. A lot of people don't consider calling to do this, but most companies will remove a late fee as a courtesy. But, what they don't tell you is that your late payment may have increased your interest rates.

Step 2

Ask the bank or credit card company if your late payment effected your interest rates. If you are lucky it did not, but this can be a repercussion for late payments.

If you are not satisfied with your credit card interest rates then request it to be lowered. You have more control over your credit card rates and fees than the company wants you to believe. Many banks and companies can be somewhat accommodating if the card holder asks for it.

Step 3

Make sure to ask the bank or credit card company if they reported your late payment to a credit reporting agency. If they did report it but removed your late fee as a courtesy ask your card company to notify the credit bureaus so you don't get a negative mark against you on your credit report.

Step 4

Opt out as a way to reduce credit card interest rates. Many banks and credit card companies are sending opt out letters along with their legal speak announcement that they are increasing your interest rate, sometimes as much as double what you were previously paying, making many interest rates 30%. If your credit card company offers you a deal that you can either pay the minimum balance of 5% or pay a higher percentage rate then you need to take a look at your finances. If you can can afford to make a 5% payment then stick with the lower APR.

Tips & Warnings

Make sure to get your annual credit report for free to keep track of all your debt.