How To Negotiate Lower Credit Card Interest Rate

Do have a legitimate reason.

How to negotiate lower credit card interest rate. It is a simple straightforward approach to get what you want. A lower interest rate means any balance you carry will accumulate less debt each month and you can pay your balance down faster since more of your payments go to the principal instead of interest. It takes finesse knowledge and patience. In this part of the take an interest in your interest series we re offering valuable do s and don ts for negotiating credit card interest rates.

How to negotiate a lower rate for your credit card. The average credit card interest rate is about 17 but some can get as high as 36. The best way to avoid the black hole and reduce your credit card balance is to negotiate a lower interest rate with the credit card company. But it s worth mastering this art form especially since the reward is a lower interest rate and monthly payment.

Creditors can t lower interest rates without a reason to do so. One way to gauge whether a card s interest rate is good is to compare it to the average. Negotiating a lower interest rate is almost an art form. Don t count on the bank to offer you a better rate you ve got to ask for it.

Although the card company may ultimately say no knowing these steps could help improve your chances of getting a favorable response. When negotiating a lower rate on your current cards aim for a rate that s lower than the average. As of november 2019 the average interest rate on credit card accounts that charge cardholders interest was 16 88. Take these steps to get a lower credit card interest rate.

If your financial situation has improved since you got a credit card but your interest rate hasn t it may be time to negotiate for a better rate. Negotiating a lower interest rate with a credit card company. You can negotiate with your bank or credit card company to get a lower interest rate on your card. Research and compare credit card terms and rates from numerous companies.

With the average credit card interest rate at 17 30 in december of 2019 it s no wonder monthly payments don t seem to make a difference.