How to Lower Credit Card APR

by Nicki Howell ; Updated July 27, 2017

The U.S. Public Interest Research Group published a study that shows that over half of those who requested a lower APR received a reduction. And the rate reduction was sizable, approximately 6 percent lower. But credit card companies often don’t lower your APR unless you ask. Here’s how to lower credit card APR.

Step 1

Call your credit card company. Contact your credit card company and ask for a rate reduction. Explain that if you don’t receive a break, you will take your business elsewhere.

Step 2

Think about your request. When asking for a reduction in your credit card APR, think big. Ask for a 10 percent reduction in your rate. The worst your creditor will say is no. And having high expectations will motivate them to give you their best rate.

Step 3

If you aren’t happy with the rate cut you receive, escalate the issue to a manager. Stay firm and remind them of attributes such as your excellent payment history.

Step 4

If your request is denied, don’t give up. Try again in about a month. Keep trying until someone lowers your rate.

Step 5

Start looking for a better rate. If your credit card company doesn’t handle your request, it’s time to look for a better deal. Shop other credit card companies for the best deal and transfer any balance left on the card to the new card.

Tips

  • Don’t get discouraged. Remember, if your credit card company isn’t being helpful, it’s time to threaten to close your account.

Warnings

  • Always be on the lookout for good deals. If you just received a great offer in the mail, don’t run out and open an account. Instead, contact your credit card company and ask them to match the deal.

About the Author

Nicki Howell started her professional writing career in 2002, specializing in areas such as health, fitness and personal finance. She has been published at health care websites, such as HealthTree, and is a ghostwriter for a variety of small health care organizations. She earned a Bachelor of Science in business administration from Portland State University.