Business & Finance Debt

How to Lower Your Charge Card Interest Rates

    • 1). Comply with the terms and conditions of your card. Demonstrate a willingness to pay your minimum payment on time, maintain a low balance and comply with the terms and conditions.

    • 2). Write a letter to your credit card issuer requesting a lower interest rate. Also indicate that you have offers from competitors promising lower rates.

    • 3). Be specific. Provide the name of each credit card issuer along with the Annual Percentage Rate (APR) and benefits you have been offered.

    • 4). State the reasons why you deserve a lower interest rate. For example, if you've made all or the majority of your minimum payments on time, have never incurred late or over-the-limit charges, have a low debt-to-income ratio and are in good standing with your credit card issuer, offer these reasons as justification for your request.

    • 5). Explain that without a lower interest rate, you'll be forced to transfer your balance to a competitor card and discontinue your current credit account.

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