4 tips to get a lower credit card APR

The savviest way to use a credit card is to pay off your balance in full each month, allowing you to avoid accruing interest on the charges you make. If you are not able to do that, you will end up paying interest — and depending on your credit card's annual percentage rate (APR), that can quickly start to balloon your balance.

This may be happening even more rapidly for some borrowers as of late, as credit card APRs have continually inched up. In June, "credit card interest rates rose for the third straight month," pushing the average APR to "just over 20%," said CNBC, citing data from Bankrate. And while usually a pause on rate hikes by the Federal Reserve would bode well for lowering credit card APRs, "some issuers said they'll keep those higher rates in place."

Read on for some alternate paths toward a lower APR.

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1. Boost your credit score

"The better your credit, the lower the rate you may get offered for a new card account," said CNBC. Further, some of the key actions you can take toward improving your credit score — like making timely payments in full — can also help you avoid even needing to pay interest in the first place, since "only consumers who carry a balance from month to month feel the pain of high APRs."

2. Negotiate with your credit card issuer

While opening a new account with an improved credit score can help you land a lower APR, you may just want to pay a better rate on a credit card you already have. In this case, you might find some luck negotiating with your credit card issuer.

"If you've established a history of on-time payments and other responsible behavior with the issuer, you may be able to leverage this history to your benefit," said Bankrate. Keep in mind that "successfully securing a lower interest rate may take more than one phone call," said NerdWallet. "If you don't get a good response on your first try, it doesn't hurt to contact the issuer again," and you also "might try a different communication method or ask to speak with a supervisor."

3. Leverage competing offers

Another way you can help convince your credit card issuer to give you a lower APR is by presenting some other credit card offers you are eligible for. Since "credit card issuers and banks need to compete with other brands to acquire more customers," they in turn "need to stay competitive with their rates," said Credit Karma.

Browse around for a "similar card to yours that offers a better rate," said Credit Karma. If you find one, "note the card's name, company and terms" to share with your issuer.

4. Consider a balance transfer card

If you are worried about a steep APR — especially if you have racked up a balance — sometimes another card entirely is the right solution. A balance transfer card allows you to "pay less in interest for a limited period of time," with many even offering "a 0% introductory APR on transferred balances that lasts between 12 and 21 months," said NerdWallet. Just note that while you may enjoy savings on interest this way, you will typically have to pay a balance transfer fee.