How to Lower Your Credit Card Interest Rate?

I was able to bring my interest rate from 19.9% to 0% by a simple phone call. If you are in good standing with your credit card company, this simple trick can work for you as well. 

How Did it Go?

When I decided to call my credit card company and request a lower interest rate, I was in the process of creating a monthly budget plan to pay off my last credit card. Before my call, I wrote down a few arguments that stated why I qualify for a lower interest rate and practiced what I would say if I had to negotiate. Finally, I was ready to present my case and win! After my conversation with the representative from the credit card company, It turned out that I did not need my notes after all.

They informed me that I qualified for their 12monthsh 0% annual percentage rate promotion. It was the first time I learned that some credit card companies offer these kinds of promotions. Although I was excited, I was also curious why they did not email or mail me about my promotion. If I did not call, I would have never known! 

Give Your Creditor a Call

I encourage you to call your credit card company and ask if they offer a 0% APR promotion for their existing customers and find out if you qualify. If your creditor does not have this promotion or you do not qualify, prepare to negotiate for a lower interest rate. If your creditor does not consider you to be delinquent, they will try and work with you. Creditors do not want to lose valuable customers. Be sure to use that to your advantage when negotiating.

As a valued customer, remind your creditor of your positive track record. Discuss your timely payments and the number of years you have been with them. If necessary, do not be afraid to threaten to leave them, discuss other offers you have received, or lower interest credit cards you are considering. Always remember most credit companies do not want to lose their best customers.

If you tried this technique, make sure to leave a comment below to let me know how it went!