How do I Ask for a Credit Card Interest Rate Reduction?
- 1). Find a copy of your most recent credit card statement. The statement should contain complete information on the amount you owe, as well as the current interest rate on the card.
- 2). Call the customer service telephone number listed on the card and navigate through the voice mail system. Immediately ask to speak to a supervisor when you are connected to a customer service representative. Chances are the customer service representative will not have the authority to offer a lower interest rate, but the supervisor will.
- 3). Explain clearly what you are asking for and why. If you have recently lost your job, explain that to the supervisor. If you are facing higher than normal medical bills, explain that as well. It is important for the supervisor to understand why you are seeking a decrease in your interest rate. Always keep the conversation on topic, and be civil and polite.
- 4). Offer the credit card issuer the rate you would like to pay. Aim for a rate around 8 to 9 percent, but be prepared to negotiate a bit to get your rate lowered. The lower you can get your rate, the better off you will be.
- 5). Point out your excellent payment history and your years as a loyal customer. Credit card issuers know that it costs far more to acquire a new customer than to retain an existing one, and, as a result, they are often willing to negotiate with their best customers.
- 6). Seek out a card with a better interest rate if the issuer turns you down. Watch your mail for credit card offers, and seek out cards with a low fixed rate of interest.
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