As the financial market changes, you may see adjustments in the annual percentage rate that you pay to your credit card provider. When the credit card rate changes, you should contact your credit card company in order to bargain your way to paying a lower APR. Even if you are only able to adjust the APR down 1 percent, it could make a big difference in the amount of money that you need to put out to pay off the credit card.

Step 1

Call the customer service line listed on the back of your credit card. Ask to speak to an account manager or press ”0” if you find yourself in a phone tree.

Step 2

Explain to the credit card account rep that you are calling to inquire about lowering the current rate of your credit card. Elaborate by saying that you have come across better offers from other credit card providers.

Step 3

Wait for the first offer. The account manager will likely put on the table an initial offer that is 1 to 2 percent less than you are currently paying. Avoid accepting this first offer until you try to bargain the APR even lower.

Step 4

Remind the account rep of your good standing as a card holder. To do this, you should have a history of no late payments or overdrawn fees. When this is the case, you can inquire about upgrading your account status with the credit card company. Gold and platinum cardholders will typically pay a lower APR. You will then hopefully end the call with a promise of a lower credit card rate.

Step 5

Switch the balance to a card with a lower APR. If your negotiating fails to pan out, you can look for other credit card companies that offer low rates on balance transfers. Transfer the balance and cancel the higher interest card.