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5 Things You Can Say to Get a Lower Interest Rate on Your Credit Card

How to Ask for a Lower Credit Card Interest Rate


Woman on phone with credit card
© Peter Cade / The Image Bank / Getty Images

Many people pay high credit card interest rates for years without ever thinking to call their credit card issuer and request a lower interest rate. Credit card interest rates are often a negotiation. You'll never know if you can get a lower interest rate on your credit card if you never ask. Credit card issuers don't always lower interest rates, but it's worth a try. If you're stumped on what to say to your credit card issuer, here are 5 things you can say to get a lower rate on your credit card.

Use Your Account History

What to say: Hi. I've been a good customer for several years, but I really need to have a lower interest rate on my credit card.

You can keep it short and simple. If you know the number of years you've had your credit card, use that to support your request.

Use Your Credit History

What to say: Hello. I've been a customer for several years. I have excellent credit and I've been receiving lower rate credit card offers from other credit card issuers. I'm wondering if you can lower my interest rate to match these offers.

A good credit history is a great bargaining chip for getting a lower interest rate, particularly if other credit card issuers have been offering lower interest rates. Use your exact credit score if you know it or the rates of the offers you've received.

Threaten to Transfer Your Balance

What to sayHi. I'm a good customer but I've received offers from other credit card issuers with lower APRs. I'd like to get a lower rate on my card or I'll transfer my balance to another credit card.

If other credit card issuers are offering you great balance transfer offers and your credit card issuer won't lower your rate, it may be worth it to accept one of those offers.

Make Them an Offer

What to sayHello. I've had a credit card with you for six years with no late payments or high credit card balances. For the past several months, I've been charged 18% APR. I'd like to lower my interest rate to 9%. Can you do that?

You may have a specific interest rate in mind, for example, a rate you've seen offered on other credit card websites or one that you've been offered from another credit card issuer. Ask your credit card issuer to lower your rate to a specific amount. Be prepared for a counteroffer.

Show Your Loyalty

What to sayHi. I just received an offer from another credit card issuer for 0% APR. However, my interest rate with you is 12%. I'd like to remain a customer with you, but I need to have my interest rate lowered or I'll have to switch credit cards.

Let your credit card issuer know that you don't want to leave - you'd love to continue using your account with them, but stress that the account has to benefit you if you decide to stay.

Negotiation Tips

When you make the call, remain call and polite. Don't get angry with the customer service representative, even if they can't lower your interest rate. Repeat your speech to a manager or supervisor, if the customer service rep can't lower your interest rate. If you're still denied, thank the supervisor for their time and wait a few months before you try again. Or, transfer your balance to one of the better offers you've received from another credit card issuer.

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