Lowering Interest??

**Amy**

:hello:

Quick question about Credit Cards lowering their APR.

I have a HSBC card with a balance of £3150 (max limit is £3250). The APR is eating up my payments (paying £90 a month, min is around £80, interes is nearly £50).

How do i get them to lower the APR? Can this be done? I am looking at making overpayments of £100-200 a month at the moment, but am also looking into taking a paycut/new job that will only allow me to make £20 over payment a month.

Any suggestions?

x

Milarky

You'd phone up and ask them to make you an offer (on the basis that any offer will better your position) That may not work however.

Bringing forward your payments in the month can actually help save interest very slightly (but is risky because you then have to make sure you don't miss any payments yourself - something a direct debit for the minimum amount automatically take care of) a slightly better option is to split your overpayment from your minimum (i.e. the 'contractual') payments anyway - leaving you in control of how much (and when) you overpay.

Otherwise I would suggest you apply for a non HSBC card offering balance transfers - since if accepted these will allow you to save some serious money in your position.