Here’s How to Ask for a Lower Credit Card Interest Rate

Swiping your credit card has now become more expensive than ever, and it’s because credit card interest rates are rising crazy fast. That’s why we think you should call your credit card company and ask for a better rate — pronto.

We’re serious about this! But first, let us explain:

Your credit card’s interest ratealso known as an APR, has probably gone up just like all the other credit cards have. (Most credit cards have a variable rate.) Have you checked lately? If you have an unpaid balance, your card is probably charging you a surprising amount of interest on it right now.

Suddenly our credit cards are bleeding us dry. Here’s how fast rates are rising:

As recently as 2017, the average APR on a credit card was lower than 13%, according to the federal reserve. Then, from 2018 to the start of 2022, it usually hovered around 14.5%. But over the past year it started climbing with breakneck speed, and now the average APR has climbed above 19% — the highest it’s ever been.

There’s no end in sight, with plenty of financial experts predicting the average rate will rise above 20% in 2023.

You don’t have to sit still for this. Just take a little initiative and call your credit card provider.

Don’t be chicken. The phone number for customer service is right there on the back of your credit card.

You have nothing to lose!

Just Ask for a Lower Rate

Look at your latest credit card statement. Check your credit card’s interest rate. If you have more than one credit card, check all your cards. Are any of your cards charging more than 19% interest? If so, then you definitely need to negotiate that down.

If you’re unhappy with your APR, ask for it to be lowered. Do this for each of your cards.

A few things to keep in mind:

  • If you have a history of making your monthly payments on time, make sure to mention that.
  • Are you getting any offers in the mail from other credit card providers? Make sure to mention that, too. Your credit card…

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