A client called Capital One about her credit card interest rate.
Her rate was 29.99%.
She hung up with 7.99%. For twelve months.
No new loan. No balance transfer. She just picked up the phone.
Here’s how to lower your credit card interest rate, and exactly what to say.
Why your credit card company would rather keep you
For years I assumed the interest rate on my card was just set. That the credit card company held all of the control.
But the truth is, they do not want to lose you.
Why?
Because it’s expensive.
After all, credit card companies spend a lot of money trying to acquire new customers.
You’ve seen the commercials. “What’s in your wallet?”
In fact, American Express told investors it was committed to spending about $5.5 billion on marketing in 2023. (Billion. With a B.)
On top of that, they make a lot of money off of each customer they land.
Interest. Annual fees. Late fees. A cut of every swipe.
So you’re worth keeping.
Also, if a customer defaults, the card company eventually sells that debt for pennies on the dollar.
Losing you costs them. Meanwhile, working with you costs them less.
Should you move your debt or make the call first?
The key is communication.
When you’re looking to pay off debt, a lot of people consider moving it.
A balance transfer, a HELOC, or a consolidation loan.
All of these come with a fee.
Of course, sometimes one of them is still the right call.
And sometimes the best move is to stay right where you are.
Instead, call your creditor. Ask for the lower rate. Ask for the fee to be waived.
Then put every extra dollar towards the balance.
Best of all, that call costs nothing.
What a lower credit card interest rate is worth
Here’s why it matters. (Hypothetical numbers, just to see the shape of it.)
On a $10,000 balance, 29.99% means roughly $250 a month goes to interest. At 7.99%, it’s roughly $67.
Same balance. Same you.
That means about $183 more a month goes to the actual debt.
The call script to lower your credit card interest rate
Here’s the script. Start with this:
“Hi, I’m calling about my account ending in ____. I’ve been a customer for ___ years, and I’d like to talk about my interest rate. Is there anything you can do to lower it?”
If the answer is no, say this:
“I’d like to stay with you. Is there a retention team or an account review I can be transferred to?”
Then, while you’ve got someone listening:
“Can you also waive my annual fee?”
If you have a 0% offer sitting in your mailbox, you can mention it. Only if it’s real.
If they say no, thank them. Ask what would make you eligible. Try again another day with a different rep.
(Yes, that’s allowed. No, they don’t keep a grudge.)
If money is tight, ask whether they have a hardship or payment assistance program. Ask what the terms are before you say yes.
Will it work every time? No.
Did it work for a client of mine, from 29.99% to 7.99%? It did.
What to do once your rate drops
Twelve months at 7.99% is a window.
Still, what goes through it is up to you. A plan. Every extra dollar. Twelve months.
So now I’m curious:
Which card would you call first?
And if you’d rather not make that call alone, I’m here. You can book a complimentary 20-minute call with me.
Frequently asked questions
Can you really lower your credit card interest rate by calling?
Sometimes, yes. A client of mine went from 29.99% to 7.99% for twelve months with one call to Capital One. It doesn’t work every time, so ask politely and try again with a different representative if you need to.
What should I say when I call to lower my credit card interest rate?
Start by asking whether the company can lower your interest rate. If the answer is no, ask for a retention team or an account review. Then ask them to waive your annual fee. The full script is above.
Is a balance transfer, HELOC, or consolidation loan better than calling?
It depends on your situation. Each of those options comes with a fee. Calling your creditor costs nothing, so the call is a smart first step.
What if the credit card company says no?
Thank them, ask what would make you eligible, and try again another day with a different representative. If money is tight, ask about a hardship or payment assistance program, and get the terms before you say yes.
