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How To Negotiate A Lower Credit Card Interest Rate

Your Lower Interest Rate May Be a Phone Call Away


The interest rate on your credit card affects how much you pay in finance charges when you carry a balance. The higher your interest rate, the higher your finance charges will be. You may be able to talk your creditors into giving you a lower interest rate.

Call one of your creditors and say this, "Hello. This is your name here. I'm receiving credit card offers with lower interest rates than the rate on the card my credit card with you. Can you do something about that?"

Or you can take a more aggressive approach to getting a lower interest rate: "Hello. This is your name here. I'd like a lower interest rate. I have lower interest rate offers from other credit cards and will switch if I can't get a lower interest rate from you.

To further strengthen your argument for a lower interest rate, you might consider using the number of years you've been a customer, the most recent number of consecutive on-time payments, your credit score (if it's good), and actual lower interest rates of other credit cards and offers.

Don't try to bluff the creditor by saying you have a lower interest rate credit card offer when you really don't. You might get called on your bluff.

In the end, you must to be willing to follow through on the threat to move to a lower interest rate credit card if the creditor doesn't budge.

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