How to Negotiate a Lower Interest Rate on Your Credit Card
A simple phone call has a surprisingly high success rate. Here's exactly what to say to get your credit card rate reduced — and what not to say.
Financial Writer
Why This Works
Credit card companies spend $200–$400 acquiring each customer. Retaining you is far cheaper than replacing you. If you're a reliable, long-term customer, issuers have strong financial incentive to keep you happy — including lowering your rate.
The Preparation
Before calling: check your current APR, look up competing offers (balance transfer cards, other issuers), and note your payment history. Be ready to mention: length of relationship, on-time payment record, and specific competing offers.
The Script
"Hi, I've been a customer for [X years] and I have a history of on-time payments. I've received offers from other companies with lower interest rates and I'd like to stay with you, but I was hoping you could match or beat [specific rate/offer]. Is that something you can do?"
What Happens Next
About 70% of callers who ask for a rate reduction report getting one, according to CreditCards.com research. If the first rep says no, ask to speak with a retention specialist. If still no, actually apply for the competing offer you mentioned — you have nothing to lose.
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