Debt-Free Asking for a lower rate takes about 5 minutes. It doesn't always work, but it costs nothing to ask, and it doesn't hurt your credit score.
Before you call
- Know your current APR (it's on your statement).
- Know how long you've had the card.
- If you've paid on time recently, say so. It's your best argument.
The script
"Hi, I've been a customer for [X] years and I've been paying on time. My APR is [X]%, and I'm working on paying down my balance. I'd like to ask for a lower interest rate. What can you do for me?"
If they say no
"I understand. Is there a hardship program or a temporary rate reduction I could qualify for? And can you note on my account that I asked, so I can try again in a few months?"
Why it matters
On a $5,000 balance, every percentage point is roughly $50 a year in interest. Getting from 24.99% down to 19.99% is about $250 a year back in your pocket, for one phone call.
Never share your full card number, PIN or online banking password on a call you didn't start. Always call the number on the back of your card.
Want your own debt-free date?
Type in your debts. Get your exact month, which debt to pay first, and how much interest you'll save.
See my debt-free date →Educational content, not financial advice. Examples use the numbers stated; your results depend on your own debts and payments.