How to Negotiate Your APR with Credit Card Companies Yourself

A ridiculously high APR on your credit card equals higher minimum payments. And with so much of your monthly payments going to the interest, it can take longer to pay down the debt. People with a good credit history can ask for a lower APR. Credit card companies want to make money, so they are not always willing to lower the interest. But with persistence, you can negotiate a better rate.

Instructions

1

Improve your credit score. A low FICO score and bad credit habits do not warrant a better APR on credit cards. Obtain a copy of your credit report and check your FICO score. If necessary, clean up your report before asking for a better interest rate. Reduce debt and start paying your bills on time.

2

Call the customer service number. Speak with your credit card company to see if your APR can be reduced. Simply asking for a lower rate can often work in your favor.

3

Display a good attitude. Credit card companies are less likely to work with argumentative or nasty individuals. Be polite and professional on the telephone. Ask to speak with a supervisor if the customer service representative is unable to assist you.

4

Bring up your history with the company. Persuade credit card companies by underscoring your history with the company and your perfect payment record, if applicable.

5

Be ready to walk away. If you can't negotiate a lower APR, respectfully express your readiness to leave the credit card company and consider other companies. Your credit card company may strike a deal to keep your business.