Credit Cards:  How to Ask for a Lower Credit Card Interest Rate (continued)


Just because they say no today, doesn't mean they will say no six months from now or a year from now.  If they say no today and you have the ability to get approved for a new credit card, then perhaps you should go ahead and apply for a new credit card and start the process of severing your relationship with your current credit card company, but don't immediately close out the credit card account because doing that can lower your credit score

If you don't qualify for a credit card balance transfer because your credit score isn't high enough, then make a concerted effort to pay off that credit card as quickly as possible s much debt as you can and paying all of your bills on time so that you can raise your credit score and qualify for a better interest rate.  Keep calling and asking for a lower rate every six months and continue improving your credit score

Sample letters or emails to a credit card company asking for a lower interest rate are as follows:

Letter or Email 1:  Threaten to Transfer Balance To Another Credit Card
Letter or Email 2:  Followup Letter When Phone Request For a Lower Rate is Denied
Letter or Email 3:  Request They Match or Beat a Competitor's Offer

Letter or Email 1:  Threaten to Transfer Credit Card Balance to Another Credit Card

Dear Sir / Madam:

I have visited the websites of two of your competitors, _____ and ______.  I noticed that both of these companies are offering credit cards with an 8.9% interest rate on purchases and balance transfers. I have attached copies of the information I found at their websites to this letter.

I am requesting that you reduce my current rate of ___% to ____% so that it is in line with what is available in the current market.  I feel this is a fair rate since two major credit card issuers are offering it to new customers like me who have excellent credit ratings. 

If you cannot offer me this rate, please advise me as soon as possible, as I plan to transfer my balance to one of these cards if you will not comply with my request.

Letter or Email 2:  When Phone Request for a Lower Credit Card Rate is Denied

Dear Sir / Madam:

I recently telephoned you to request a lower interest rate.  The representative I talked to denied my request on the basis that I am offered the lowest available rate.

I am writing this letter to request a lower interest rate.  I believe I deserve a lower rate on the basis that I have always been an excellent customer who has paid her bills on time.  Will you please reconsider your original decision and lower my credit card interest rate?

Letter or Email 3:  Request They Match or Beat a Competitor's Credit Card Offer

Dear Sir / Madam:

I am writing this letter to request that you match or beat an offer I have received from another credit card company.  Attached is a copy of the credit card offer I have recently received from ___________ Bank.  I have circled in red the portions offering a ______ APR on balance transfers for the life of the balance transfer.

I believe I deserve a much lower rate than the _______% you are currently charging me.  I have an excellent payment history with you.  In addition, your rate is more than double the typical rate being charged by all the major credit card companies.

Please let me know of your decision as soon as possible.  Thank you for your attention to this matter.


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