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3 Ways to Get Lower Credit Card Interest Rates

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3 Ways to Get Lower Credit Card Interest Rates

When credit card holders are unable to pay their entire balance in full, they begin to incur interest on all of their purchases. As unsecured loans, credit card interest rates will never be as low as a secured loan such as a mortgage. Nevertheless, there are three things that cardholders can do to lower their interest rates.


Banks do not advertise the fact that, in some cases, they are willing to negotiate lower interest rates with their cardholders. To attempt to receive a lower rate, customers should contact their card issuer and ask to speak to a manager. Once the cardholder has expressed their dissatisfaction with the current interest rate, customers can inform the representative that they are considering moving their balance to a different bank that is offering a 0% promotional balance transfer. Banks work hard and spend heavily to acquire new customers, so most would rather grant their existing customers a lower interest rate than lose business.

Do A Balance Transfer

If the threat of a balance transfer does not succeed in having their bank lower its interest rate, cardholders can simply call the banks bluff and perform a 0% APR balance transfer. By searching for the card with the longest balance transfer period, and the lowest balance transfer fee, cardholders can take maximum advantage of these types of offers.

Speak With A Non-Profit Credit Counselor

When cardholders are unable to directly negotiate a lower interest rate, and cannot qualify for a balance transfer offer at a lower rate, there is still another option available to them. Cardholders can work with a non-profit credit counselor that can assist them in creating a debt management plan. By working with creditors to create a debt management plan, cardholders and counselors can sometimes receive a lower interest rate from credit card issuers. Unfortunately, entering into a debt management plan will require cardholders to have their credit lines suspended. Non-profit credit counselors can be found at

Credit card debt cannot be ignored, but there are ways that cardholders can successfully lower their interest rates. By attempting to negotiate, performing a balance transfer, or by working with a non-profit credit counselor, cardholders stand a very good chance of lowering their interest rates and getting out of debt sooner. The one thing that each of these strategies have in common is that is no harm in trying them.

Editor's Note: This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by the Citi or any of the other companies whose products are featured in this content.

About the author

Jeffrey Weber

Jeffrey Weber has been following and blogging about the credit card industry since 2004. He has also written for Forbes and been cited in a wide range of major media outlets including USA Today, Time, MSN Money, The Christian Science Monitor, The Detroit Free Press and numerous other prestigious online and print publications.

Jeffrey resides in Easton, Connecticut and enjoys spending his free time chasing after his two year old son, watching films with his wife and occasionally taking a holiday to go snorkeling.

– has written 46 posts.

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