How to Get Lower Interest Rates on Credit Cards | Chase (2024)

FAQs

How to Get Lower Interest Rates on Credit Cards | Chase? ›

Start by highlighting your history with the company and mention your good credit and history of on-time payments. Next, mention any lower credit card rates you've been offered or found in your research. For example, you can tell your card issuer about a better competitor rate to see if the company will match it.

Start by highlighting your history with the company and mention your good credit and history of on-time payments. Next, mention any lower credit card rates you've been offered or found in your research. For example, you can tell your card issuer about a better competitor rate to see if the company will match it.

If you're not happy with your credit card's interest rate, try to negotiate with your card issuer. Do your research on your account's history and terms, as well as competing card offers, so that you can make an informed argument. Improving your credit score tends to be an effective way to wrangle a lower interest rate.

Fortunately, there are ways to lower your credit card interest rates, including negotiating with the credit card company or consolidating your debt. Consolidation can take on several forms, ranging from a debt management program, to a personal loan to putting everything on one card with a lower interest rate.

How do I request a lower APR? To request a lower APR, call us using the number on the back of your card. We often do reviews of credit card accounts to see if we can apply better rates. Please contact us in a few months if you're not approved for a lower rate at this time.

The direct step to a lower interest on credit cards is to call the card company and ask for a lower rate. However, no call should be placed to a card company without ready information about the account, your credit history and even competing offers from other card companies. When calling, don't be nervous.

Factors that increase your APR may include federal rate increases or a drop in your credit score. By identifying changes to your APR and understanding the actions that led to your increased rate, you can take steps that may help reduce your interest charges in the future.

Credit card interest rates can make it harder to pay off your debt, but you may be able to negotiate a better rate or a limited-time offer by simply calling your credit card issuer. While it can some time and effort and your request may be denied, it doesn't hurt to ask.

As a loyal customer of your financial institution, I'd like to ask for the following: ▪ A lower interest rate amount of NO MORE THAN 6% ▪ Accept lower payments of $ _________ per month. No late fees accessed during this period. Accept this offer for no more than 12 months from this month.

Card rates are high because they carry more risk to issuers than secured loans. With average credit card interest rates above 20.7 percent, the best thing consumers can do is strategically manage their debt. Do your research to make certain you're receiving a rate that's on the lower end of a card's APR range.

How do I get rid of high-interest on my credit card? ›

You can ask your credit card company to freeze the interest on your credit card, but there is no legal obligation for it to agree. The good news, though, is there are several voluntary codes of conduct most credit card companies have signed up to, which encourage them to help you if you are in financial difficulty.

Key takeaways. A good credit card APR is a rate that's at or below the national average, which currently sits above 20 percent. While there are credit cards with APRs below 10 percent, they are most often found at credit unions or small local banks.

You can negotiate with your bank or credit card company to get a lower interest rate on your card. Although the card company may ultimately say “no,” knowing these steps could help improve your chances of getting a favorable response.

If you'd like to avoid paying interest on your credit card, you have two options. You can pay off your balance before your grace period ends, or you can apply for a credit card that offers a 0 percent intro APR on purchases for a time.