Requesting a lower interest rate
A lower interest rate on your credit card account
could be yours just for the asking.
That's right. In the competitive credit card industry,
your card issuer wants to keep you, the existing, charging customer.
Heck, you don't even have to have the best credit in the world.
But you do have to request
the lower rate.
The worst that could happen is that the company says "no." In that
case, consider another card. Bankrate's search
engine can help you locate card deals from issuers around the
country. When you find one with a better rate, transfer
the balance from your high-interest card and then cancel
Many card holders, however, are finding that their
requests for lower rates are being approved by their exiting credit
card issuers. So go ahead and ask!
The form letter below will help you request a lower
interest rate (and the elimination of your annual fee, too) on your
current credit card. Personalize it by entering your specifics in
the areas in red. You can print out
this Web page and make your changes by hand or copy the body of
the letter and paste it into a document where you can make your
changes on your PC.
Customer Service Department
Credit Card Company Name
City, State and ZIP Code
Re: Request for lower interest rate on card
name account number
Dear Sir or Madam:
I have been a credit card holder with your company
for the last number years. My account
is in good standing and I would like to continue using it. However,
I would like you to consider giving me a lower interest rate on
It has come to my attention that I am currently paying
number percent on my name
of card while many other issuers are charging their customers
far less. Cite specific examples here (you
probably get several in the mail each week), such as: I have I have
received offers in the mail from your competitors who are offering
with me a lower APR if I transfer my Visa account. XYZ MasterCard
charges 5 percent, while ABC Visa is offering 4.8 percent.
I am also paying you a dollar
amount fee each year to renew my card. I would like you to
consider eliminating or reducing this fee. Again,
if you have them, give specific competing examples: I have received
offers from other companies with interest rates ranging from 0 percent
to 2.9 percent for the first six months and no annual fee.
In this paragraph, list additional
reasons why you deserve a lower interest rate. For example: I have
paid my bills promptly, have never incurred late charges, and have
never exceeded my credit limit. Obviously, only state what is true;
your card issuer is well aware of your credit history with the company.
For these reasons, not the least of which is my number
years as a loyal card name customer,
I am requesting a lower interest rate and asking you to waive my
renewal fee. If you cannot comply, I will be forced to cancel my
card with your company and switch to a credit card company that
can give me better terms.
Please have a representative of credit
card issuer name contact me by phone at telephone
number or by letter at the address below to notify me of
how much you can lower my annual interest rate and whether my annual
fee can be reduced or waived.
Thank you for your prompt attention to my requests.
Your Typed Name
City, State and ZIP Code