Reduce your credit card interest rate in a few simple questions

As inflation continues to climb, the price you pay for interest on your credit cards could rise again.

With more and more people turning to credit to combat the crushing costs of everyday items, it’s important to know that you have the power to negotiate your interest rate, if you know the right way. to ask.

The first thing you need to arm yourself with is an accurate assessment of your situation.

How much do you owe? What is your credit rating? Are other banks making better offers to earn your business?

When you call the 800 number on the back of your card, ask the agent to put you through to someone who can review your interest rate.


If they say they can’t, use these three words: Customer Retention Department.

Ask to be transferred there. These are the people who are responsible for keeping you as a customer and can usually make the kind of adjustment you are looking for.

Remind them how long you’ve been a customer and want to stay on board to avoid having to switch cards.

See what kind of rate they can offer.

Not low enough?

Now is the time to mention any competing offers you have from other banks. Can they match them?

Look for your bank’s online offers for new customers, these can be a bargaining chip. Remind the agent that you would like the same courtesy a new client would get.

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Always not?

Now is the time to get creative. How about a low balance transfer offer?

Will the bank agree to play ball with a lower rate if you agree to transfer the balances of other cards to them?

You do not have any ? Explain to the agent that you are committed to paying off your balance, but the interest is just too high. Would they be willing to extend a temporary rate cut so you can better repay the money you have?

Bottom line: it costs you nothing to ask, but it could save you a bundle.

Remember, kindness goes a long way.

Always keep in mind that these people are there to help you and that keeping you as a customer costs the bank a lot less than finding a brand new one.

Stephen V. Lee