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4 ways to get a lower credit card interest rate this fall
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Credit card interest rates have been on a steady climb over the past few years, with the average credit card rate now sitting at 22.76%, marking a record high. This upward trend can be attributed to various factors, including the Federal Reserve’s aggressive interest rate hikes aimed at combating inflation, as well as credit card companies’ efforts to offset potential risks in an uncertain economic climate.
While high credit card rates are never ideal, today’s elevated interest rate climate can be particularly detrimental for cardholders carrying a balance. High rates mean that a larger portion of each monthly payment goes toward interest rather than paying down the principal balance. That can lead to a cycle where your outstanding balance grows faster than you can pay it off.
Given these challenges, it makes sense to try and secure the lowest credit card rate possible right now, as even a slight credit card interest rate reduction could translate into substantial savings. For example, lowering your rate by just two percentage points on a $5,000 balance could save you hundreds of dollars in interest over one year. Luckily, there are some simple strategies you can use to reduce your credit card interest rates this fall.
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4 ways to get a lower credit card interest rate this fall
The following strategies could help you lower your credit card rates right now:
Ask for a lower rate (or negotiate one)
One of the simplest yet often overlooked methods to potentially lower your credit card interest rate is simply asking your card issuer for a rate reduction. While it may seem daunting, many card issuers are willing to work with cardholders, especially those with a history of on-time payments and good credit scores. To increase your chances of success:
- Research competitive rates from other card issuers before calling.
- Highlight your loyalty and good payment history with the company.
- Be prepared to mention any recent improvements in your credit score.
- If you’ve received offers from other card companies, mention these as leverage.
Remember, the worst they can say is no, and you might be surprised by how willing they are to work with you to retain your business.
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Transfer your balances
Balance transfer offers can be an excellent way to temporarily lower your interest rate, often to 0% for an introductory period. This fall, keep an eye out for new credit card balance transfer promotions that you could qualify for — or ask your current card issuers if you qualify for these types of offers. As you consider your options, it can help to:
- Look for offers with long 0% APR periods, ideally 15-21 months.
- Be aware of balance transfer fees, which are typically 3% to 5% of the transferred amount.
- Calculate whether the balance transfer fee is worth the interest savings over the promotional period.
- Make a plan to pay off the balance before the promotional rate expires.
While balance transfers can provide significant savings, just remember that it’s crucial to avoid accumulating new debt on the old card once the balance is transferred. Otherwise, you could end up with a bigger credit card debt issue on your hands.
Enroll in a debt management program
If you’re struggling with multiple high-interest credit card debts, a debt management program through a reputable credit counseling agency can be a lifeline. In addition to helping you create a plan to pay off your debt, these programs work to negotiate lower interest rates or fees with creditors on your behalf, saving you money on interest charges. While programs can vary, in general, the benefits of enrolling in a debt management program include:
- The potential for significantly reduced interest rates across multiple cards
- Consolidated monthly payments that can simplify your debt repayment
- Structured plan to become debt-free within three to five years
- Guidance and support from financial counselors
Note, though, that while these programs can be highly effective, they do require closing your credit card accounts and sticking to a strict repayment plan. So, it’s important to carefully consider if this option aligns with your financial goals and situation.
Utilize a hardship program
If you’re facing temporary financial difficulties due to job loss, medical issues or other unforeseen circumstances, your credit card issuer may offer a hardship program that you can enroll in. These programs are designed to provide relief to cardholders experiencing financial strain. It varies by card issuer, but the features of hardship programs may include:
- Temporary reduction in interest rates
- Waived fees (late fees, annual fees, etc.)
- Lower minimum payments
- Short-term payment deferrals
While hardship programs are typically short-term solutions, they can provide valuable assistance while you get back on your feet financially.
The bottom line
Taking proactive steps to lower your credit card interest rates this fall can set you up for a stronger financial future. Whether through negotiation, balance transfers, structured programs or temporary hardship assistance, there are multiple avenues to explore. And while you may get lucky and secure a significant rate reduction, remember that even a small reduction in your interest rate can lead to significant savings over time, helping you to pay down your debt faster and move toward greater financial stability.
CBS News
Yellowstone hiker burned when she falls into scalding water near Old Faithful, park officials say
Yellowstone National Park, Wyo. — A New Hampshire woman suffered severe burns on her leg after hiking off-trail in Yellowstone National Park and falling into scalding water in a thermal area near the Old Faithful geyser, park officials said.
The 60-year-old woman from Windsor, New Hampshire, along with her husband and their leashed dog were walking off a designated trail near the Mallard Lake Trailhead on Monday afternoon when she broke through a thin crust over the water and suffered second- and third-degree burns to her lower leg, park officials said. Her husband and the dog weren’t injured.
The woman was flown to Eastern Idaho Regional Medical Center in Idaho Falls, Idaho for treatment.
National Park Service / Jacob W. Frank
Park visitors are reminded to stay on boardwalks and trails in hydrothermal areas and exercise extreme caution. The ground in those areas is fragile and thin and there’s scalding water just below the surface, park officials said.
Pets are allowed in limited, developed areas of Yellowstone park but are prohibited on boardwalks, hiking trails, in the backcountry and in thermal areas.
The incident is under investigation. The woman’s name wasn’t made public.
This is the first known thermal injury in Yellowstone in 2024, park officials said in a statement. The park had recorded 3.5 million visitors through August this year.
Hot springs have injured and killed more people in Yellowstone National Park than any other natural feature, the National Park Service said. At least 22 people have died from hot spring-related injuries in and around the 3,471-square-mile national park since 1890, park officials have said.
TRENTON, N.J. — Democratic Newark City Council President LaMonica McIver has defeated Republican small businessman Carmen Bucco in a contest in New Jersey’s 10th Congressional District that opened up because of the death of Rep. Donald Payne Jr. in April.
McIver will serve out the remainder of Payne’s term, which ends in January. She and Bucco will face a rematch on the November ballot for the full term.
McIver said in a statement Wednesday that she stands on the “shoulders of giants,” naming Payne as chief among them.
She cast ahead to the November election, saying the right to make reproductive health choices was on the ballot as well as whether the economy should benefit the wealthy or “hard working Americans.”
“I will fight because the purpose of politics and the purpose of our vote is to give the people of our communities and our nation a bold voice,” she said.
Bucco congratulated McIver on the victory in a statement but said he’s looking forward to the rematch in November.
“I am not going anywhere,” he said in an email. “We still have a second chance to make district 10 great again!”
Who are LaMonica McIver and Carmen Bucco?
McIver emerged as the Democratic candidate in a crowded field in the July special election. A member of the city council of New Jersey’s biggest city since 2018, she also worked for Montclair Public Schools as a personnel director and plans to focus on affordability, infrastructure, abortion rights and “protecting our democracy,” she told The Associated Press earlier this summer.
Bucco describes himself on his campaign website as a small-business owner influenced by his upbringing in the foster system. He lists support for law enforcement and ending corruption as top issues.
The 10th District lies in a heavily Democratic and majority-Black region of northern New Jersey. Republicans are outnumbered by more than 6 to 1.
It’s been a volatile year for Democrats in New Jersey, where the party dominates state government and the congressional delegation.
Among the developments were the conviction on federal bribery charges of U.S. Sen. Bob Menendez, who has denied the charges, and the demise of the so-called county party line — a system in which local political leaders give their preferred candidates favorable position on the primary ballot.
Democratic Rep. Andy Kim, who’s running for Menendez’s seat, and other Democrats brought a federal lawsuit challenging the practice as part of his campaign to oust Menendez, who has resigned since his conviction.
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Yellowstone hiker burned when she falls into scalding water near Old Faithful, park officials say
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