8 Ways to Lower Your Credit Card Payments

1. Keep one card

Pick the credit card company that gives the best rates and keep that. Stop using the rest of the credit cards you own. This move will help one manage his finances better, and should one reach his credit limit, the damage will be confined to just one credit card company instead of being indebted to several companies which will give one a big headache eventually.

Later, if another card on which you have a zero balance offers a better deal, transfer the balance to it.

2. Debit card over credit cards

One should use his debit card more frequently when one is short on cash instead of paying for purchases using credit cards. Since the money will immediately be deducted from the checking or saving account, spending money using this is more difficult than using credit cards where one would not keep track of how much he is spending until the bill comes at the end of the month.

3. Pay on time

When one is late in paying for his credit card fees, he is often charged a late fee for that, usually $25 to $35 dollars. If one has multiple cards and misses payments a few times a year, imagine how much money he loses because of these late fees.

4. Ask your credit card company to lower the interest rate

Contact your credit card company and request that they lower the interest rate on your current card. If they refuse, tell them you are considering another card which will give you a lower interest rate. Most credit card companies would not want you to switch and might offer to give you a lower better deal.

5. Find out if your card has annual fees

Some cards offer lower interest rates but require you to pay an annual fee. You should evaluate if getting these cards will be a better deal than availing of cards with higher interest fee but no annual rate because you might be spending more eventually in these cards with lower interest rates but with annual fees. It all depends on how much your average balance is that you're paying interest on.