Alternatives To Applying For A
Lower Rate Credit Card

Thanks for contacting Credit Card Customer Care. Your question was "How do you lower the interest rate on your credit cards?" The answer to your question depends on many factors. Here are a few scenarios you will need to take into consideration.

Has your account gone past due or over the credit limit in the last 6 months? If so, your rate may be at the default credit card rate. A default rate can be as high as 30% or more. If this is around the current rate you are at, and you've been only late or over the credit line one time in the last 12 months, call your credit card issuer. They may lower the rate down or reinstate your original rate as a "one time courtesy". If you have been late or over the credit line multiple times, unfortunately there are not many options. Usually you will need to make at least 6 months or more of on time payments without going over the credit limit. If you're in this situation, your best option may be to transfer your balance to a lower rate credit card.

If you are not in a default rate status, and just have a high annual percentage rate, it could be due to the type of credit card you have. If you have a rewards card, some come with a high annual percentage rate to begin with. First call your credit card issuer and ask nicely for a lower annual percentage rate. The customer service representative will either find you a lower rate or advise you that one is not available. In this case, if one is not available, ask about other types of lower rate credit cards that the credit card issuer offers. It may be possible for the bank to convert your current account to a different type of lower rate credit card. If you are receiving rewards, you may lose them, but if you carry a balance, it may be worth it to lose the rewards to get a lower rate.

There is one final option that you have if you have a good payment history and do not want to convert your account to a different type of lower rate credit card. If the customer service representative does not have any lower rates available, HINT to the representative that you may transfer your balance to another credit card company. For example, casually bring up that such and such bank is offering you a 1.9% to transfer your balance from other accounts, or something like that. If your account qualifies, the representative may transfer you to a specialist that may give you a lower rate just to keep your balance with the company.

I hope this has helped answer your question. If you are interested in transferring your balance to another credit card because calling your credit card issuer did not work, check out some low APR credit cards. The cards displayed on that page offer rates lower than 12.99%, which this day in age is not an exorbitant amount to pay on any credit card.