Get Lower Rates on Your Credit Cards! Standard rates a little too high for your liking?

While we ALWAYS recommend paying your entire credit card bill every billing cycle, sometimes life happens, and you carry over a balance into the next billing cycle. When you do, the credit card company is going to charge you interest on the balance that you’re carrying. The rates that are charged are typically very high in the 16% – 18% range. These are the standard rates that most credit cards charge.

Did you know these rates are negotiable?

If you call your credit card company and request a lower rate on the card, in a lot of cases they will simply reluctantly accept your request. And if they don’t initially agree to cooperate, you can threaten to cancel the card which will, in most cases, result in them agreeing to lower the rate to keep you as a client.

This lets you use the very same credit card you’ve become accustomed to using and save money on the financing charges in those months when you carry over a balance.

A simple phone call to the number on the back of your card can save you hundreds and possibly thousands of dollars over several years of using the card. Yes, you might have to wait on hold and spend some time discussing your request with the customer service representative. But this 30-minute investment could prove to be one of the most financially important investments you make.

Here are some actions steps to take:

1.   Schedule some time with yourself during normal business hours, pull all your credit cards out of your wallet, and make a note of the 1-800 number on the back.

2.  Phone the first number and ask to speak to someone about the rate of interest charged on your account. Ask them what they are currently charging you and make a note of it. Then ask them what the lowest rate they’ve seen is. Ask for that. Be prepared to threaten to cancel the card if they don’t cooperate.

3.  Once you’ve established your first baseline lower rate, move on to the next 1-800 number and do the same. Now that you have a new, lower rate to work with you’re able to press for the next credit card company to match the rate or beat it. If they balk at the rate, you can explain that you’ll likely use the card with the lowest rate the most. See how low you can get.

4.  Lastly, make sure you report back to us on the results!


Nervous? Need a pep talk before you make the call?                                We’re here to help.