Want A Lower Credit Card Interest Rate? Just Ask Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content After the 0% APR Period Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: On This Page
AnnaStills/Shutterstock.com September 26, 2022 Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you’re unhappy with your credit card’s interest rate, securing a lower one may be as simple as asking your credit card issuer. They may decline your request, but it doesn’t hurt to ask. If you’ve established a history of on-time payments and other responsible behavior with the issuer, leverage this information to your benefit. A lower interest rate can ensure you pay less in interest over time, so it’s worth asking. You may even be able to qualify for a 0 percent APR on a credit card for a limited time, although you’ll typically need good or excellent credit to qualify for that type of offer. In this guide, we’ll explain several ways to go about lowering your credit card’s interest rate. What is a good interest rate
A , or annual percentage rate, represents the price you pay for borrowing money. When you apply for a credit card, the interest rate you’ll qualify for depends on a handful of things, including your credit score, income and market conditions. If you always and on time every month, your account will never accrue interest. However, if you do carry a balance on your card, odds are you are paying interest (unless you are benefiting from a 0 percent APR period). If you are contemplating whether or not your credit card has a reasonable APR, consider this: The is currently hovering above 18 percent. If you have a credit card with an APR much higher than the national average, aim for a rate that is lower when you are ready to start negotiating. Find competitive credit card offers
Credit card companies don’t want to lose your business, which is why they need to stay competitive with other issuers. Look for a credit card that’s similar to yours and compare the interest rates. If you find a similar card with a , take note and be sure to share that information when you call your issuer. Make sure the offer is actually competitive. If you have , for example, it wouldn’t make sense to compare your credit card APR to the APR of a card that requires . Call your card issuer and ask
First, try directly and asking for a lower interest rate. It is important to be prepared so you know exactly what it is that you need from your issuer. Know your current (APR, grace period, statement due date and current balance) and use this knowledge to your advantage as you reveal what you’ve found when researching competitor lenders. You know what they say — it never hurts to ask. And if you were able to find a better offer from another issuer, relay that information to the representative. You may find they’re more willing to negotiate if you make it clear you’re considering taking your business elsewhere. If you have kept up with payments and have a solid with your credit card issuer, they may lower your interest rate just to keep your business. The worst they can say is “no.” Also, keep in mind that account longevity means something in this business. If you have been banking with your issuer for a significant amount of time, let that be known in the negotiating process. Still no luck? You can also try the HUCA method. HUCA stands for “hang up, call again” and, as the name suggests, involves hanging up and trying again if you don’t like the first response you receive. It’s possible a second (or third) customer service representative might be more accommodating to your request than the first. Improve your credit score
Whether you’re going to apply for a new credit card or trying to negotiate a lower APR on your current credit card, a solid way to land a better interest rate is to take some steps toward . One of the easiest ways to give your credit rating a boost is to pay your credit card bill early or on time every month. You should also refrain from opening too many new accounts, which leads to multiple on your credit report, and closing accounts, which can increase your . Both moves can negatively impact your credit score, along with other factors. If you have a lot of debt in relation to your credit limits, you can also improve your credit score by . Most experts recommend keeping your credit utilization rate below 30 percent for the best results, which means maintaining $3,000 or less in revolving balances for every $10,000 in total credit you have. If denied apply for a balance transfer card
One way to pay less in interest for a limited time is to apply for a , most of which let you secure a on transferred balances for 12 to 21 months. Just keep in mind that these offers typically include a , so you won’t get access to that 0 percent APR for free. However, applying for a balance transfer credit card is a great option to without further hurting your credit. With a top balance transfer card like the , for example, you’ll get a 0 percent introductory APR for up to 21 months, which is one of the longest offer for purchases and qualifying balance transfers currently available. The Wells Fargo Reflect card offers 0 percent intro APR for 18 months from account opening on purchases and qualifying balance transfers, but cardholders who make at least the minimum payments on time each month during the intro period will have their zero-interest periods extended by three months (15.99 percent to 27.99 percent variable APR thereafter). Keep in mind, a standard 3 percent intro balance transfer fee (minimum $5) applies to balance transfers made within the first 120 days (5 percent or $5 after the first 120 days). To determine whether a balance transfer will actually save you money, use a . The bottom line
There is one tried and true method for avoiding credit card interest altogether. If you only make purchases you can afford to pay off, and you pay your credit card bill in its entirety every month, you will never get charged a dime in interest payments. If you do end up with debt, you’ll want the lowest interest rate possible. Securing a lower interest rate may be as simple as asking your current credit card issuer to lower your APR, but in other cases, it may make sense to transfer your balance over to a new . SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to