How to Get Credit Card Companies to Reduce Interest Rates

Reducing interest rates on your credit cards can help you pay off debt faster. But convincing credit card companies that you deserve a reduction in interest rates can take some time. The better your credit score, the more likely you will qualify for a reduction. If you make timely payments and carry a low balance, your chances of a reduction are even better. When contacting a credit card company, use your credit history and payment history as leverage. Ask to speak with a supervisor if the customer service representative cannot help.

Instructions

1

Obtain a free credit report to determine if your credit score is good enough to warrant a reduction in interest rates on your credit cards. If your score is over 700, you don't carry a large balance (should be less than 35 percent of the maximum limit) and you make timely payments, you may be eligible for an interest rate reduction.

2

Research other credit card companies to learn more about their interest rates and what you could qualify for. Even if you decide not to apply for a new credit card, use this information when contacting your existing credit card company. Mention that you may switch to the competitor because of the lowered interest rates you would receive.

3

Contact credit card companies by phone or send a letter outlining your request. Mention how long you've been a customer and why you feel you deserve a reduction in the interest rate.

4

Be persistent when speaking to a customer service representative. Ask if there are special offers for loyal customers. Ask for specific reasons why you don't qualify for an interest rate reduction.

5

Apply for a credit card with lower interest rates if your credit card company will not reduce your interest rates.