Sign up for your free Credit.com account    Sign Up Now
From the Experts at Credit.com

How to Lower Your Credit Card Interest Rates

Advertiser Disclosure

How To Lower Credit Card Interest Rates

It’s important to know that you can lower your credit card interest rates, no matter the reason you want to do so. So, whether you’re trying to get the balance on your credit card paid down faster, you plan to make a large purchase soon and don’t want to pay more than you have to, or you want to improve the annual percentage rate (APR) on your credit card for any other number of reasons, there are several ways you can do so. You can request an lower APR from your issuer, look into balance transfer or low interest credit cards and/or work on your credit scores. (Remember, good credit helps you qualify for the best terms and conditions.) Let’s break down the four big ways you can lower your credit card interest rates.

1. Call & Ask Your Issuer to Lower Your Interest Rate

The easiest thing is often the simplest — try calling your credit card issuer and seeing if they’ll adjust your APR (or find out what you’ll need to do to get a lower interest rate). If you have a good payment history with your issuer, you may qualify for a lower APR simply by calling and asking for one. And if the first customer service rep you speak to isn’t willing to lower your interest rate, don’t be shy about calling and asking again or even requesting to speak with a manager. Another rep may be willing to cut you a deal. (Note: Sometimes issuers will pull a customer’s credit report when they request better terms on a current credit card, so be aware this move could incur a credit inquiry on your credit reports — which can ding your scores.)

2. Do a Balance Transfer

If you’re looking to lower your credit card interest rate so you stop racking up additional charges and can finally get that credit card debt paid off, a balance transfer may be a good option. Many cards come with an introductory 0% APR for a given period of time so you can really tackle paying down your balance. Keep in mind, however, that you will see a higher APR once that introductory APR rate expires so you’ll really want to focus on getting the balance paid off before that kicks in. (You can use this credit card payoff calculator tool to see how long it might take you to pay off your debt based on different APRs.)

Take a look at the cards in your wallet and do some research on the APRs they currently carry. When you comparison shop for a new card, in addition to taking note of the APRs, you’ll want to keep your eye out for fees that come with a balance transfer. Often times, there are balance transfer fees (typically around 2% to 5% of the balance) when you move your balance to a low interest rate credit card. As you compare your different options, make sure you budget this into your payment plan. (You can learn more about the best balance transfer credit cards here.)

Recommended Balance Transfer Card

Discover it® - 18 Month Balance Transfer Offer

Apply Now
on Discover's secure website
Card Details
Intro Apr:
0% for 6 months on purchases

Ongoing Apr:
11.74% – 23.74% Variable on purchases & balance transfers

Balance Transfer:
Intro: 0% for 18 months

Annual Fee:
$0

Credit Needed:
Excellent-Good-Fair
Snapshot of Card Features
  • You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
  • Earn 5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, 1% cash back on all other purchases.
  • Redeem your cash back for any amount, any time. Cash rewards never expire.
  • 100% U.S. based customer service.
  • Get your FICO® Credit Score for free on monthly statements, on mobile and online.
  • No annual fee.

Card Details +

3. Improve Your Credit Scores

The better your credit, the better the terms and conditions you can qualify for. Not sure of your current credit standing? You can see a free snapshot of your credit reports on Credit.com. You’ll also receive guidance on steps you can take to improve your scores to help get you on the path to being eligible to lower your credit card interest rate.

4. Shop Around for Other Cards

Perhaps you have a great credit score already. And perhaps you’ve checked with your issuer and they simply won’t budge on the interest rates. Whatever the reason may be, it might be time to consider getting a different card. Shop around and see what cards might offer you the best rates. You may even be able to take this information to your current issuer to see if they can match it. Just make sure you think twice about closing any credit cards you already have, as this could negatively affect your credit age (and ding your credit scores in the process).
Lucy Lazarony also contributed to this story.


Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

  • Antionette

    I have a credit card, your advice from the company is do not apply for any more credit. How long should I wait to find a credit card with a lower rate. This one is a little high.

    • http://www.Credit.com/ Gerri Detweiler

      I assume you are seeing that message because your grade for the number of inquiries is low. Is that correct? If so, then ideally you want to wait until some of those inquiries no longer count. Typically, that will be the case after one year. We wrote more about that here:

      Should You Be Worried About Credit Report Inquiries?

  • Lee

    does anyone know how to attach an address to a pre-paid visa card? I want to make an online purchase and the merchant requires an address attached to it or they will not accept the card.

    • http://www.Credit.com/ Gerri Detweiler

      Interesting question – which card do you have? Do they allow you to register it?


Sign up for your free Credit.com account. Learn More

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.