Q: Is there a way to lower my credit card interest rate so I can pay my credit card’s balance off faster?
A: Thanks for reaching out and for your question.
Believe it or not, the best way to get a lower interest rate on your credit card is to just call up the bank/creditor that issued the card and ask for a lower rate.
If you have a good payment track record of being on time with your bills they will probably lower the rate.
When you call, you might also let them know if you’ve received a better deal elsewhere.
So you could say: “I got an offer in the mail from XYZ company (their competitor) for a low interest rate. And I was wondering if you could match or beat that offer?”
Alternatively, you could say something like: “I’ve been a long/loyal customer for X years, and I’m working on improving my overall personal finances, including lowering my debts.
So I wanted to find out if I’m eligible for any special promotions or low-interest rate offers you currently have for customers like me?”
If they ultimately say “No,” or they refuse to lower your rate, you’re not any worse off than when you started.
So it certainly doesn’t hurt to ask. And by the way, if you get a “No” and you still really want to lower your rate you have two options:
1) You can say: “When will I be eligible for a lower rate?” or “When will you have your next lower interest rate offer for existing customers?”
That way you make it clear that you expect them to reward your loyalty.
2) You can always stop doing business with the company and do a balance transfer — switching the credit card balance to another bank/credit union that will offer you a lower rate or perhaps a 0% introductory offer.
There are plenty of sites and apps that will help you identify popular balance transfer credit cards that you may qualify for.
Hope this info helps you … and good luck!