Your creditworthiness and financial health play an essential role in the interest rate of your credit card. If you have good credit, your APR (or interest rate) may be lower than if your credit score needs some work. The higher your credit score, the lower your interest rate could be.

An easy way to determine whether your card has a desirable interest rate is to take a look at average credit card APRs and see how your rate compares. Currently, anything at or under 16 percent qualifies as a good interest rate for most consumers.

With low-interest credit cards, the ongoing interest rate after any intro APR period is lower than most other credit cards, on average. On the other hand, 0 percent interest credit cards are only zero-interest for a certain time after opening the account, and then the regular APR kicks in, which may or may not be low.

In most circumstances, yes. A low interest rate can be a very valuable tool in tackling credit card debt, and sometimes negotiation with your card provider is the best way to make it happen. Accruing interest costs you money, so take the necessary steps to save.

If you’re dead set on finding a way to lower your credit card interest rate, contact your issuer. You can call and ask to lower your interest rate or even negotiate a new payment plan entirely. If you’ve generally been on time with your payments and have been a loyal customer, use those points in making your case. With the right approach, you could be successful in lowering your rate.

Technically, any credit card can be low interest as long as you pay off your balance in full every month. If you never carry a balance, your interest rate is effectively zero percent.

When those ideal circumstances don’t apply, however, you might consider a credit card with a favorable low-end APR range. One example is the Upgrade Visa® Card with Cash Rewards. This card’s regular APR is 8.99 percent to 29.99 percent variable, which means that if you have an excellent credit score, you could qualify for an APR about 7 points lower than the current average. With any card, keep in mind that people with the best credit scores tend to get the lowest APRs.

Before you call up your card issuer and ask them to waive interest, you need to review your creditworthiness and financial health. If you do not regularly carry a balance and do not usually pay interest, there is a chance that your issuer may waive your interest charge.

People make mistakes. Sometimes we forget to pay a bill, or we miss that grace period by a day. In times of widespread economic uncertainty, credit card issuers are offering assistance more than usual.

However, if you have a substantial balance, your issuer may be less likely to waive interest or late fees. If this is the case, a balance transfer card may be worth considering to help avoid APR temporarily while you chip away at your debt. The only way to know if your credit card company will waive your interest is to ask, but make sure to keep your personal credit history in mind as you do.

Credit card interest rates are influenced by the Federal Reserve’s prime rate, and the prime rate changes based on the judgment of federal regulators. Such decisions are largely based on the state of the national economy.

If you have an outstanding balance on your credit card, or you tend to carry a balance from month to month, falling interest rates can be welcome news. However, the only sure way to reduce the cost of credit card interest is to avoid it altogether by paying your entire balance each month.