How to Lower Credit Card Interest Rate

If you have a high credit card interest rate, with a single phone call to the card issuer you might be able to secure a lower rate. A six-month history of timely payments and overall responsible management of your account may be all that you need to persuade a listening customer service representative that your request has merit.

Instructions

1

Gather all credit card statements for the past six months. Make note of your extended credit to used credit ratio; how many times out of the past six months you paid your bill on time;
how many times over your history with the card you have paid on time; if you have ever maxed out or exceeded your credit limit; your current interest rate and what you would like it to be.

2

Call the credit card issuer. When connected to a customer service representative, explain that you are calling to request a lower interest rate.

3

Listing reasons that you should be given a better rate.

4

Wait for the customer service representative to review your account and consult a manager. If asked how much you would like your rate lowered, request a decrease of no more than 10 percentage points.

5

You will probably be put on hold again while they factor this number into their calculations before they return with the verdict. There are three possible outcomes:
1) They will say they are unable to lower your rate at this time
2) They will say they can lower your rate a few points, but not to the amount your requested
3) They will lower your rate to your requested amount

6

Ask the customer service representative to send you a letter detailing the new change to your account and your new interest rate.

7

Build your case by making payments on time and lowering your debt amount and try again in three months if the credit card issuer declines to lower your rate.