Stretch Your Dollar: Offsetting those high credit card interest rates

Stretch Your Dollar

You’ve heard reports of the federal government cutting interests rates, but you may have noticed your rewards credit card’s annual percentage rates keep rising. This morning we’re stretching your dollar with ways to offset those higher rates.

The reason they’re increasing it in the first place is because those cash back rewards or airline miles are taking a bite out of banks’ profits. The Wall Street Journal reports the average APR on interest-charging credit cards is about seventeen percent.

So that means you need to boost that credit score to get the best rates.

Some tips from the Huffington Post on how to do that:

Sign up to have rent payments reported to the credit bureaus. When you sign your lease you can have your building manager report your payment to credit bureaus.

If they won’t, for a small fee you can sign up for services like Rental Kharma or Rent Reports. You can also use your utility payments to boost your score.

Signing up for Experian Boost reports those on-time payments. Make sure you check your credit report for errors. The FTC reports one in five people have a mistake in the report that’s lowering their score. annualcreditreport.com is a free service federally authorized to comb through it for you.

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