Lower Your Interest Rate

Lower Your Interest Rate

The best way to have your credit card company lower your interest rate is to simply ask for a reduction.  The company has no incentive whatsoever to voluntarily reduced your rate, so you must be proactive and make the call.

The conversation should go as follows:

Hello, my name is John Smith.  I feel that I am a good customer and I try very hard to be a responsible cardholder, however, I have recently received several offers in the mail from other credit card companies offering substantially lower APR’s.  I want you to lower the rate on my card, or I will have to cancel my card and switch companies.

That’s all there is to it.  If you have in fact been a reasonably good customer they will usually agree to your demand.  Remember, there is a lot of competition out there for your business, and it costs them a lot of money to acquire new customers.  So it is important for them to keep their good customers.

A survey in 2002 followed customers of all different credit backgrounds who asked for interest rate reductions and found that 56% were successful, some at substantial savings.

So be aggressive and make the request.  This lower interest rate combined with other debt reduction options will get you on the path to your goal of financial freedom much quicker.

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