Find what to say to reduce your credit card interest rate.

What do you say and how do you ask for a lower credit card interest rate? Is there a script or some key phrases that may get the bank to offer a deal? Here are several scripts that you can use when asking your credit card company or other creditors for lower interest rates. This approach applies to many different forms of borrowing, whether it is asking for a lower interest rate on your credit card debt or other bills.

If you need more help, that is possible too. As an example, if you want to try to negotiate your debt or outstanding principal balance and not just the interest rates on your account, here are some ways to do try that. Find more steps to take to get out of debt by negotiating.

What to say to a lender to get a lower interest rate

#1) I was just about to sign up for a new credit card at the Bank of  _______ website. Before I did this though, I thought I would call you and ask you for a lower interest rate or some other form of assistance before signing up. As I like your bank and card and would like to stick with it. However if you don't give me that reduced, competing interest rate today I will transfer my balance from your credit card to theirs as soon as I hang up the phone with you as they are giving me a lower rate. The bottom line is their deal will save me money. What can you do for me?

#2) I have just reviewed the websites of several of your competitors as well as local lenders/banks. Some of the sites I looked at were for the ______ Bank and ______ Bank. They are offering a _____ % interest rate on purchases. They also have a balance transfer deal. This is significantly _____ points lower than what I'm paying on my credit card debts and bills with you right now, and not sure how you can do that. Are you willing to match that reduced interest rate?

#3) I am calling to request that you reduce my current interest rate on my debt of  _____  to  _____  so that it is in line with other lenders and that it compares with what is available right now in the current market. I feel this is a fair interest rate on my credit card since at least two other major credit card issuers, such as _________, _________, and _________ are offering this rate right now to new customers like me.





#4) I have been doing some research and I noticed other credit card deals from banks including _________. They not only have a lower interest rate, but provide other benefits such as cash back, travel, and more. What type of offers can you give me, both around interest rates and other deals?

#5) I visited your website and happened to notice that you are offering a reduced interest rate of ____ percent to attract new customers, but what are you doing for existing ones?. I am not being treated fairly. I have been an excellent customer of yours for __ years and the only thing I am asking for is I would like to receive the same interest rate being offered to new customers.

#6) I have read recent articles about forbearance programs and how they can reduce interest rates or waive fees. How can I participate in these programs? Other banks have them for their customers, and while i would prefer not to switch to them, I may have to in order to save money.

Asking for a lower rate is one thing, but there are also other ways that a lender can help you. Also, maybe ask for a hardship program, which comes with many benefits as well. If you decide to pursue a hardship program, which is you basically stating you can’t afford the monthly payments and need some assistance, there are steps to follow that can make this process successful. It often combines interest rate reductions and other help. Click here to learn more about how to enter into a credit card hardship program.



By Jon McNamara

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