How to Ask for a Lower Credit Card Interest Rate

Do you have a high-interest credit card that is choking the life out of you? There may be an option for you to lower that interest rate. Today I am going to share HOW to get a lower credit card interest rate just by asking and I’m including the EXACT script I use to make this happen.

Here are some steps to negotiate a credit card interest rate:

• Research: Look up the current interest rates and offers from your credit card company and its competitors.

• Call your credit card company and ask to speak with a representative who can help you negotiate your interest rate.

• Be polite and explain how you have been a loyal customer and you’d hate to have to switch card

• Use the research you conducted earlier to negotiate a lower interest rate or request to be transferred to a retention specialist who has the authority to offer better terms.

• Ask to speak to the retention department.

If you are successful, make sure to get the new terms in writing and stay current on your payments to maintain the lower interest rate.

Here is the exact script I use:

“Hi. I’d like to speak to someone about getting a lower interest rate. I’ve had a card with you fo (x number) of years and always made my payments on time. I know that (competitor) is offering (interest rate) right now and I wanted to see if you would offer me the same rate. I’d hate to have to switch providers. Can you help me? 

Always be polite and courteous regardless of what they say.