How do I Ask for a Lower Interest Rate on Credit Cards?

Asking for lower credit card interest rates is easier than you may think.
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If you have a good credit score, low levels of debt and a stellar record of on-time credit card payments, you’re probably eligible for an interest rate decrease on your credit card. Getting a lower interest rate may be as simple as calling the credit card company and asking for one. If the creditor says no to your request, you may need to employ several tactics to get them to budge. Be persistent and continue to ask, even if they initially refuse.

Step 1

Research the interest rates from credit card companies other than your own. Find this information online or by calling the creditors to inquire. Make a list of each credit card, the bank and the card’s rate. Look at your current statement and target a rate that is acceptable to you.

Step 2

Call your credit company and simply ask the representative if they can lower your current rate. If they say no, ask to speak to a supervisor. The supervisor may have authority to approve decreases that representatives do not. If she says no, you’ll need to call back using another approach.

Step 3

Go to your credit card company’s website to find promotional interest rates. Some promotions state they only apply to new customers. Call your credit card company again, mentioning the featured rate and the fact that you are a good customer with a high credit rating. Ask if they will meet the promotional rate or lower your current rate.

Step 4

Call to request cancellation of your credit card. The representative will ask why you want to cancel. Tell them it is because the interest rate is too high. They may offer you a lower interest rate on the spot to deter your cancellation.

Step 5

Contact the credit card company to tell them you plan to transfer your card’s balance to another card. Let them know about the promotional interest rate the other card is offering and ask if they'll match the offer. They may not be able to match the offer but agree to lower your current rate and provide incentives such as a cash-back program.

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