How to Negotiate a Lower Interest Rate on Your Credit Card

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.

Here are ten tips to help you negotiate a lower interest rate and save money:

  1. Know your credit score and credit history: Your credit score and credit history are important factors in determining your interest rate. Before you call your credit card company, check your credit report and make sure there are no errors or inaccuracies that could negatively affect your credit score.
  2. Do your research: Research the interest rates offered by other credit card companies and compare them to your current interest rate. This will give you leverage when negotiating with your credit card company.
  3. Be prepared: When you call your credit card company, be prepared to explain why you want a lower interest rate. Provide specific examples of how a lower interest rate would benefit you, such as reducing your monthly payments or helping you pay off your balance faster.
  4. Be polite and professional: When you call your credit card company, be polite and professional. Remember, you are asking for a favor, so it is important to be respectful and courteous.
  5. Ask to speak with a supervisor: If the customer service representative you speak with cannot lower your interest rate, ask to speak with a supervisor. A supervisor may have more authority to make decisions and may be able to offer you a better rate.
  6. Use your loyalty as leverage: If you have been a long-time customer of your credit card company, use your loyalty as leverage. Explain how long you have been a customer and how much you have spent on your credit card.
  7. Use a balance transfer offer as leverage: If you have received a balance transfer offer from another credit card company, use it as leverage when negotiating with your current credit card company. Let them know that you are considering transferring your balance to another company unless they can offer you a better rate.
  8. Be persistent: If you are not successful in negotiating a lower interest rate on your first call, be persistent. Call back and speak with a different representative or supervisor.
  9. Consider a hardship program: If you are experiencing financial hardship, some credit card companies offer hardship programs that can help you lower your interest rate and reduce your monthly payments.
  10. Review your interest rate regularly: Once you have successfully negotiated a lower interest rate, make sure to review your interest rate regularly to ensure that you are still getting a good deal. If you find that your interest rate has increased, call your credit card company and negotiate a lower rate.

Hope this info helps you … and good luck!


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