How to Ask for a Lower Credit Card Interest Rate

There are different companies that offer credit cards and they differentiate their product by offering the best combination for their customers. The key aspects of the credit cards are the credit limit, the fees, the requirements to have it and the interest rate.

The interest rate is the percent that the credit card issuer is going to charge for the purchases made with the card and that rate could be a deal breaker for those people who are looking for a credit card. In this article we are going to talk about how to ask for a lower credit card interest rate. But first, let`s talk about the interest rate.

What is the interest rate and why is it important?

Also known as APR (Annual Percentage Rate) is the amount or percentage that the card holder will have to pay annually for their purchases with the credit card. The interest rate represents the risk that the card issuer is taking by lending money to you.

So, if you have a good credit history and a high credit score then you should be able to have a low interest rate because the card issuer is theoretically taking less risk. But, if you have a bad credit history or don`t have any credit history or your credit score is low then your interest rate should be higher because the card issuer will be theoretically taking more risk.

The interest rate is important because it will determine the amount of interest that the card holders will have to pay annually (or in a certain period of time) in exchange of the money that they are borrowing. So, if you have a credit card with a 0% rate and you spend $100 you will have to return the $100 without paying interests. But, if you have a 5% rate then you will have to pay $105. So, a higher interest rate will translate into a higher level of debt. Now, let`s see how to ask for a lower interest rate

How to ask for a lower interest rate in your credit card

Keep in mind that ask for a lower rate in your credit card means that you are asking to the card provider to take less benefits from your use of the card which is important for them. So, in order to get the approval of a lower interest rate you should be prepared and explain it to the card provider. Let`s see some things to consider before asking to the lower interest rate.

The first thing to do is a correct preparation. But, how could you be prepared for that? Well, you should look for the terms of the card that you have and see details like the grace period, the use conditions and the fees. Take a look at your balance and the annual rate (APR) that the card has.

However, that information is not enough you should do a complete research; look for the rates that the card issuer offers in other credit cards to see the chances of getting a lower rate in your card. You should be realistic about the amount of points that they can decrease in your rate because the income of the card issuer depend on that rate.

Once you have decided what interest rate you want in your card you should prepare your documentation. Make sure that your credit reports are correct; if you pay your debts on time and you check your credit report and see a late payment it could be an error.

When that happens you should fix the report as soon as you can. Make sure that your personal information is correct (including social security number, phone number, address and others) in that way the card provider will be able to contact you easily.

You can ask for a lower credit interest rate online because in most cases card providers have a secure platform to do it and you should get an answer quite fast. But those companies always have a contact center and you can call to talk directly with them.

If you want to talk you should be prepared. One of the most important things that you have to say is that you have been a loyal customer for an extended period (more than one year is ideal) because credit providers like to have long – term customers. Then explain why you deserve that lower rate and how do you plan to use it.

You may get rejected but you should be persistent until you get the lower credit card interest rate. However, that does not mean that you should call every day to ask for a lower rate. You should wait few months (at least 2 months) to ask once again for a lower rate.

But, the best way to change the mind of the credit card provider is to change your credit history and credit score. You should improve it to get what you want because they may be looking for a better customer to give the lower rate.

Keep in mind that credit card providers will look for the ratio of debt in your credit card; that is how much debt you owe compared to the credit limit. For example, if you have a $1.000 limit and you owe $250; then your ratio of debt is 25% of your limit. And they may also look at that ratio is your other credit cards. So, they will know how you use your credit cards and take a decision based on that and the other information that you provide.


In summary, you can ask for a lower credit card interest rate easily but you should be prepared for it and justify why you deserve it. There are different card providers and you can ask for a lower rate in your different credit cards but don`t do it simultaneously; try with one card first and if you get rejected try with other.

If you don`t get the lower rate you can look for other credit card with a lower rate. But, in most cases companies will give the lower rate if the customer asks for it in the right way.

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