Requesting a lower interest rate

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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 it.

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.

If you prefer to see a .pdf version of the letter,
click here. Or you can get it in .txt format by
clicking here. (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

Company’s Address

City, State and Zip Code

Re: Request for lower interest rate on
card name account

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 this account.

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 Signature

Your Typed Name


City, State and ZIP code