3 easy ways to lower your credit card interest rates this April

If you're carrying a balance on your credit cards, you're likely feeling the strain today's high card rates are putting on your finances. Right now, the average credit card rate is nearly 22%, which makes carrying a balance extremely expensive, especially over time as the interest charges compound. And, when you add in how the rising cost of consumer goods caused by sticky inflation has been adding even more weight to the financial burden the average American is feeling, it's easy to see why so many cardholders are struggling to stay afloat. 

The good news? There are steps you can take this April to try and bring down the rates on your credit cards and relieve some of the pressure on your wallet. Whether you're trying to pay off lingering credit card debt or simply looking to stretch your dollars further, lowering your credit card interest rates can make a significant difference in your budget. In fact, just a few percentage points can translate into hundreds — if not thousands — of dollars saved over time, depending on the size of your balance.

But how exactly can you lower the rates on your credit card accounts? Let's take a closer look at how you can start that process now.

Find out what debt relief options can help lower your card rates.

3 easy ways to lower your credit card interest rates this April

If you want to try and secure lower rates on your card debt, these strategies could help:

Negotiate with your creditors for lower rates

Some credit card issuers may willing to negotiate the interest rates they charge you in order to retain your business. It's important to start that negotiation now, though. The longer you wait, the more interest your accounts will accrue, says Annie Cole, Ed.D., founder of Money Essentials for Women, a company that provides financial coaching and resources for women.

"You want to be prompt and communicate with the credit card company as soon as possible because the worst thing you can do is put it off and have a lot of interest and late fees build up, and you'll be in a bad position," Cole says.

To improve your chances of a successful rate negotiation with your credit card issuers, follow these steps: 

• Take a look at any credit card offers you've received recently and note any offers that come with a lower regular annual percentage rate (APR) than what you're paying now.
• Call your credit card's customer service number. 
• Let them know that you've received offers for other credit cards that have lower regular APRs than what the issuer is charging you, and that you'd like to keep doing business with them but at a lower rate. 

While this negotiation method isn't guaranteed, it can increase the chance that your credit card issuer will lower its rate to keep your business. 

"Really lean into becoming a self-advocate," Cole says. "The worst-case scenario is that someone will say they can't help you. The best-case scenario is that you get all kinds of support."

Take steps to regain control of your credit card debt today.

Take advantage of hardship programs you qualify for

Some credit card issuers may be willing to lower your interest rate if you're facing a financial hardship. They do this through what's known as a credit card hardship program, which are internal programs offered by card companies to help customers navigate a period of financial difficulty. 

"Many people don't know that hardships are available," Cole says. "The credit card company might change your interest rate … they might give you a lower monthly payment or give you a pause on your payments altogether."

To start the process, call your credit card issuer and let them know you're facing a temporary hardship and are interested in any hardship programs it offers. Be ready to talk about your income, expenses and what's causing your hardship. Examples of hardships that may qualify include job loss, reduced income, a medical emergency or a divorce or separation. 

You should also be prepared for your issuer to review your payment history, as borrowers with records of on-time payments have a better chance of being approved for hardship programs.

Utilize your debt relief options

You can also turn to your debt relief options, like the debt management programs offered by credit counseling agencies, to try and reduce your credit card interest rates. When you enroll in this type of program, the credit counselor completes an assessment of your financial profile that includes all of your outstanding debts. A debt management plan is then created based on your income, expenses and debt. During this step, the credit counselor will also negotiate with your creditors to try and lower your credit card interest rates. 

Enrolling in a debt consolidation program through a debt relief company is another option that could result in lower rates on your credit card debt. When you utilize this type of program, you work with the debt relief company's third-party lenders to secure a debt consolidation loan, ideally at a lower interest rate than your credit cards. This, in turn, effectively lowers the rate of interest you're paying on your credit card debt while also rolling multiple credit card debts into one loan, making it more affordable and more manageable to pay off your credit card debt.

The bottom line

High credit card interest rates don't have to be permanent; you have several options to consider to try and lower your card rates. Negotiating directly with your credit card issuer, enrolling in a credit card hardship program and taking advantage of debt relief options all have the potential to result in lower card rates. Just be sure you understand what each option entails and understand whether it works for your unique needs before picking any particular route.