Can you negotiate a lower credit card interest rate?

You can get Discover to lower your interest rate by having your account details ready and calling Discover at (800) 347-2683 or contacting their customer service department through their chat function on their website. Knowing where you stand in terms of your credit score will definitely help negotiations as it's one of the main factors that determines the APR on a credit card.… read full answer

Here’s how to get Discover to lower your interest rate:

• Make sure you have your account details ready: Before you reach out to Discover, you’ll need your account or card number, and a refresher on your history with Discover. Your odds for a rate reduction generally increase the longer you’ve had your Discover card, so make sure you have that information on hand. You should have some kind of reason why Discover should give you a lower APR, whether you’re trying to pay down your debt or you’re considering an expensive future purchase. And it’s good to decide whether or not you’re prepared to cancel your Discover card to push along a negotiation. It can help your case, in some instances.
• Call the Discover customer service line at (800) 347-2683: listen through the service menu, and the automated voice will ask what you need. Just say, “I want to lower my APR,” and you’ll be directed to an account manager.
• Reach out to Discover’s live customer service chat through their website: go to Discover's website and navigate to the Card Help Center through the “Help & Resources” link, found at the top right of the main page. Scroll down to the Customer Service panel on the left side, then click “Contact Us” and select “Message an Agent”. From there, simply say you’d like to lower your interest rate.

If your account is in good standing and you have a good, lengthy history with the company, Discover might offer you a permanently lower interest rate. They also reportedly give promotional 0% APR periods to customers who request a lower rate. If you think you’re qualified for a lower APR and they decline to offer you one in the beginning, state your case. If you’re willing to cancel your card over it, say so. Even if you haven’t had your Discover card for very long, you never know what you might qualify for unless you ask. There’s nothing to lose by trying, except for APR percentage points.

Your credit score is one of the main factors that determines your APR on a credit card. Improving it will definitely get you closer to getting approved for a card offering a 0% introductory deal, or successfully negotiating a lower rate for a card you already own. If you want to know where you stand, you can check your credit score for free, right here on WalletHub, while also getting custom insights that will help you improve it.

Yes, asking for a lower interest rate on a credit card could affect your credit score if the card’s issuer needs to do a hard inquiry into your credit history to determine whether or not you qualify for the lower rate.

A hard inquiry will typically drop your credit score by a few points, and it can only affect your score for up to 12 months. So, the potential negative impact is minimal. That said, … read full answerreceiving a lower interest rate may indirectly help raise your credit score if the new rate allows you to pay off your balance faster.

It’s worth noting that interest rates aren’t reported to credit bureaus and have no direct impact on your credit score. A hard inquiry is the only reason your credit score would drop after requesting a lower rate, and asking your card issuer for a lower rate won’t always trigger a hard inquiry. A hard inquiry only happens if they need more detailed information about your credit history to address your request. Card issuers seem to make this decision on a case-by-case basis.

If you are thinking about calling your card issuer to ask for a lower interest rate, and you’re concerned about the impact to your credit score, make sure to ask the rep about it along with your request.

One way to lower the interest rate on a Capital One credit card is to call customer service at 1 (800) 227-4825 and try to negotiate a reduced rate. If your financial situation is especially dire, Capital One offers a credit card hardship program. Through this program, Capital One may waive the interest on an account to allow the customer to catch up on payments. The timeframe varies depending on the customer’s situation. However, these programs are limited to customers with significant hardships such as a job loss or medical emergency. Simply not paying the bill for several months does not count as a hardship.… read full answer

Once you’re connected to a representative who can negotiate your interest rate, state your reason for seeking a reduced APR and ask about the hardship program if you think you may qualify. Otherwise, if you’re suddenly having trouble making your payments, you could mention your past stellar credit history, if applicable. Or, you might want to note your loyalty to the company if you’ve had their card for a long time. Speak politely, but be persistent when you negotiate.

Given that Capital One is not in the business of reducing interest rates out of charity, you’re unlikely to be successful unless you can somehow show Cap 1 that they’ll get more money from you in the long run with a reduction. So it’s good you have options.

The best way to lower the interest rate on a Capital One credit card is to transfer the balance to a 0% APR card from a different credit card company. You’ll need good or excellent credit to qualify for a good deal, but you could save a nice chunk of change.