The credit card companies that are most likely to lower your credit card’s interest rate if you ask include Capital One, Discover, American Express, Bank of America, and Barclays, according to reviews online. Chase sometimes sends out promotional low-interest offers to existing cardmembers, but they are reportedly less likely to lower your existing interest rate in response to a phone call. But if you’re trying to get a better APR on your credit card, don’t take this list to be exhaustive.
Theoretically, you can call any credit card company to ask for a lower interest rate. The worst that could happen is they’ll say no. Every card issuer goes by its own rubric for rate decrease requests from cardholders. Your credit history is a factor in many cases, as is your history with the specific card’s issuer. Some card issuers reportedly offer deals to people who pay in full every month. Others may periodically dole out low-APR promotions to existing accounts based on certain criteria, but they won’t lower your APR unless you have one of these offers on your account.
It’s good to go into a phone call with your credit card issuer prepared. Know your current APR and how low you’d like it to go before you call customer service. If you’re currently experiencing financial hardship, consider explaining it to the representative. Cite your good payment history (if applicable) and how long you’ve held that particular credit card, if you think it will help your case. And consider whether or not you’re willing to cancel your credit card and take your business elsewhere if they don’t give you an offer. Sometimes, threatening to close your account will spin the results in your favor. The longer you’ve had the card, the better your odds.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.