Can I Lower the Interest Rate on My Credit Card?

Can I Lower the Interest Rate on My Credit Card?Credit Card

Credit card companies set the interest rate on your credit card based on several factors:

  • There is the standard rate charged to the average cardholder
  • An introductory rate for new customers
  • The rate based on your credit score
  • The rate based on what the card offers you in points, rewards and/or bonuses
  • What other similar cards will charge you

You must realize that your credit card company wants to make a profit on you, but, they do not want to lose a good customer to a competitor. There is nothing wrong with phoning your credit card company and asking them to reduce your interest rate or allow you to transfer your card balance to a lower interest rate card. You should shop the competitors to see what is available from them and tell your credit card company what you found and see if they will match the competition.

You might find it advantageous to actually switch to the competitor if they offer a 6 or 12 month low introductory interest rage. But be careful of doing this as many people start running up their debt on the old credit card. Now you have solved one problem but created a much larger one by increasing your overall debt. Your purpose should be to lower your interest rate but continue to make the same payments so that you can pay off the total debt on all of your credit cards faster than before.


Contact “Rumanek & Company Ltd” for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  

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