How to Lower Your Credit Card Rate

Learning how to lower your credit card rate could potentially save you a large amount of money over the long term. Credit card interest is typically one of the highest interest rates in the financial market. If you are willing to try, you should be able to lower your interest rate to a more reasonable level.

Look at Yourself

Before you try to lower your credit card rate, you need to take a look at your own situation. Try to determine if you think that you are a good candidate for a lower rate. Credit card companies are going to give lower rates to individuals that have good credit scores and decent incomes. If you have a median income or higher, there is a good chance that you will be able to get your credit card interest rate lowered.

Research

You also need to spend some time researching credit card interest rates. Look at some of your credit card company's competitors to see what they are offering. You should be able to get on their websites and look at the interest rates that are currently being offered to new customers. Make sure that you are comparing apples to apples. For example, you want to look at the interest rate that is being offered on new purchases and compare that to the interest rate on your card. You do not want to compare the interest rate on balance transfers to the interest rate on new purchases.

Contact Your Company

Once you have done this, you are ready to make contact with your credit card company. Look at your card statement or get online in order to determine the customer service phone number that you need to call. When you call to speak to a customer service representative, you will simply want to ask if the company can lower your interest rate. Mention that you have seen that some of their competitors have lower interest rates than what you currently have. Tell them the difference between the promotional rate from the competitors and the rate that you are currently paying. Ask if they are willing to match or beat this rate to keep you from going to another company. As long as you have a decent credit score and income, they will generally accommodate your request. The majority of people that ask for interest rate decreases usually get them.

Speak to a Manager

In some cases, the customer service representative will not be able to accommodate your request. In that case, you will want to ask to speak to a manager at the customer service center. They will pass you on to a manager, and you can state your case to them. Many times, in order to keep you happy, the manager will give you a lower interest rate than what you currently have.

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