How to Lower Your Credit Card Interest Rate

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Key takeaways

If your credit card’s interest rate is too high, you can call and negotiate with your provider.
You can also apply for a balance transfer card, debt consolidation loans, or ask for a hardship plan, all of which can help lower the interest on your debt.
A lower interest rate can lead to significant savings and faster debt reduction.

Credit cards are incredibly useful. You can use them anywhere, earn rewards, and take advantage of consumer protections. But if you carry a balance, you’ll have to pay a price: interest.

Interest rates on credit cards have always been high, but with inflation, they’ve reached an average of 24.20% APR (annual percentage rate) according to Investopedia. Many rewards cards or credit cards for consumers with poor scores charge much higher rates than that.

If you’re unhappy with your current interest rate, know it’s not set in stone. You have the power to change it. Let’s go over how to lower your credit card interest rate. It can be as simple as calling your issuer.

What to know before asking for a rate reduction
How to negotiate a credit card interest rate
Improving your credit score can help you secure a lower rate
What is a good credit card interest rate?
Other ways to pay less interest
Does a lower interest rate trigger a hard pull?
How can a lower interest rate help you?
Why is it important to find a credit card with a lower APR?
Bottom line

What to know before asking for a rate reduction

Anyone can request a lower rate on their credit card, but it helps to be prepared. Have all your facts together, be ready to negotiate, and don’t be afraid to use offers from competitors as leverage.

Look up your credit score

Your credit score is a key factor in determining your interest rate. Higher scores typically mean lower interest rates, and conversely, lower scores lead to increased rates.

Check your credit score so that you know where you stand. If you’ve improved your score, you’ll have some bargaining power.

While you’re at it, review your credit report for errors. You can get your report from each of the credit bureaus – Equifax, Experian, and TransUnion – for free once a year via annualcreditreport.com. If you find any errors, dispute them with the issuing bureau. Getting negative marks off your report can immediately boost your score.

How do issuers set your interest rate?

Every issuer has its own process, but most consider two main factors: the prime rate and your creditworthiness.

Credit card companies typically use the Wall Street Journal prime rate as their benchmark. The prime rate is directly linked to the federal funds rate. The issuer will review the current prime rate and add a margin on top of it.

Your credit score highly influences individual interest rates. Consumers with excellent credit will get the lowest rates, while those with poor scores receive the highest.

Compare competing credit card offers

Credit card companies want your business. They are often willing to offer better terms if you show them more attractive offers from competitors.

Save any preapproval mailers or emails you receive. Look for cards that offer lower interest rates within your score range. Then, use these competitive offers as leverage in your negotiations. The more information you have, the stronger your position will be.

How to negotiate a credit card interest rate

Once you’ve gathered all the information and feel prepared, it’s time to call and negotiate credit card debt.

What to do	What to avoid
Know your improved credit score and come with offers for other cards	Going into the negotiation unprepared
Be friendly, polite, and honest	Do not be rude, belligerent, or lie
Ask to speak with a supervisor	Settling for a flat ‘no’
Request an explanation	Accepting there’s nothing you can do
Call again if your initial request is declined	Give up after the first call
Ask for a temporary rate reduction	Not exploring hardship plans

Call your credit card provider

You can usually find your provider’s number on the back of your card. Call them and explain why you would like an interest rate reduction. Tell them how you’ve been a loyal customer. Highlight your history of on-time payments, responsible usage, and good credit score.

Next, mention any offers with lower rates you’ve received from other companies. The representative you’re speaking to may be able to match it.

Remember to remain calm and polite throughout the conversation.

Sample script for negotiation

“Hello, my name is [Your Name], and I’ve been a customer with [Card Issuer] for [X] years. I’ve consistently made on-time payments and used my card responsibly. Recently, I received some offers with lower interest rates from other providers and would appreciate it if you could review my account for a possible rate reduction. Thank you for considering my request. I really value my relationship with [Card Issuer].”

If denied, try again

If your request is denied, don’t give up. Hang up and call back. The next representative you speak to may have a different answer.

You can also request to speak with a supervisor. Sometimes, representatives do not have the authority to adjust your account. Speaking with a supervisor may lead to better results.

If you’re still not satisfied, ask for an explanation. If you’re score’s too low or you’ve had recent late payments, consider waiting three to six months before trying again. Use the time to establish a history of on-time payments and improve your score.

Ask for a temporary rate reduction

If a permanent rate reduction isn’t possible, ask for a temporary one. An issuer may be more willing to help you for a few months rather than permanently.

A lot of credit card companies offer hardship plans that will reduce your APR by 1 to 3 percentage points, waive fees, or reduce the monthly minimum payment temporarily.

Take advantage of any reduction you can get to pay off your balances so you’re no longer accruing interest.

Improving your credit score can help you secure a lower rate

Credit card providers give lower rates to customers with higher scores.

To build credit, you should:

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Always make payments on time
Spend less than 30% of your credit limit
Keep your accounts open for a long credit history
Avoid opening new accounts frequently
Have a mix of loans and cards

As your score improves, or after six months of consistent on-time payments, try negotiating again. Many issuers are willing to lower interest rates for customers with a proven track record of reliability.

A lower rate can lead to significant savings and better financial stability.

Ready to walk away from your credit card debt?

Find out if it's time to file bankruptcy.

What is a good credit card interest rate?

A good interest rate is one that’s below the national average APR. The latest Federal Reserve G.19 consumer credit report put the average credit card interest rate at 21.91% in February 2025, down from 22.80% in the fourth quarter of 2024. With rates this high, anything lower can definitely be considered good.

Do note that rewards cards often carry higher interest rates. Also, if you have a poor or fair score, you should expect a higher APR.

Knowing the national average and the standard interest rates for your card type and score range can help you determine if the APR you have is decent.

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Other ways to pay less interest

Asking your credit card issuer for a lower rate isn’t always effective. If it doesn’t work, don’t worry. There are other ways to get a lower interest rate to help pay off debt.

Explore balance transfer cards

Balance transfer credit cards with a 0% introductory APR let you pay less interest for a limited time. The introductory period generally lasts anywhere from 12 to 21 months.

These offers typically come with balance transfer fees of 3% to 5% of the transferred balance. Depending on your credit limit, you may only be able to transfer part of your outstanding balance. They are also typically reserved for applicants with good to excellent credit.

Applying for a balance transfer card is a great way to pay off credit card debt and save money on interest. Make sure to repay the debt before the introductory rate ends, as rates may rise significantly afterward.

Apply for a debt consolidation loan

Personal loans are another way to consolidate and pay off debt at a reduced interest rate. Most personal loans come with lower interest rates than credit cards. Once again, the best rates are reserved for applicants with good to excellent credit.

With a debt consolidation loan, you combine multiple balances into one with a lower interest rate. You end up with one fixed monthly payment. Your bills are simplified, and you save money on interest.

Need a loan but have bad credit?

Click here for bad credit loans!

Enroll in a debt repayment plan

If you have multiple high-interest credit card balances, a debt management program (DMP) from a reputable non-profit credit counseling agency may be the way to go. When you enroll in a DMP, the credit counselor will help you create a plan to pay off your debt in three to five years. They will negotiate with your card issuer for lower interest rates or waived fees to save you money.

Debt management plans are a highly effective way to pay off debt, but they do take dedication. You will likely have to close your accounts and stick to a strict repayment plan. It can be challenging, but in the end, you’ll be debt-free for less.

Does a lower interest rate trigger a hard pull?

The hard truth is that requesting a lower interest rate may trigger a hard pull, and it may not. It all depends on your provider.

A hard pull typically occurs when you apply for a new card or request a credit limit increase. The issuer will want to check your score and credit report to make sure that you can handle additional debt.

The same isn’t true with interest rate reductions. Many issuers will treat this as a simple request and do a soft inquiry or none at all. Major credit card issuers, including Capital One, Discover, and Citi, have stated they do not conduct a hard pull when a customer asks for a rate reduction.

Each provider has its own rules regarding interest rate reduction requests. If you’re concerned about a hard inquiry, the best thing to do is ask your provider about their policy.

How can a lower interest rate help you?

A lower interest rate can help get you out of debt faster. When you have a higher APR, more of your monthly payment goes towards interest. When you have a lower APR, more of your money goes towards reducing the principal balance. The faster you reduce the principal, the sooner you’ll get out of debt and the more you’ll save.

Reducing your debt levels can also improve your credit score. The second most important scoring factor is how much of your available credit you use or your utilization rate. When you pay off credit card balances, you’ll lower your utilization and improve your score.

Why is it important to find a credit card with a lower APR?

A credit card with a lower APR can save you a significant amount of money in interest if you carry a balance from month to month. Say you have a balance of $800 and your card has a 24% APR. If you only make the minimum payment, you’ll accrue approximately $192 in interest annually. Now, if you have a 14% APR, that number goes down to $107. While the numbers can seem small initially, having a high APR can keep you in debt longer and can cost hundreds of dollars more. A lower APR helps you pay off your balances faster and makes borrowing more affordable.

Frequently asked questions

1. What can I do if my request is denied?

If your request for a lower interest rate is denied, ask the customer service representative for an explanation. Consider calling back to speak with a different representative who might be more receptive to your appeal. You can also request to speak with a supervisor, who might have more authority to make changes. Maintaining a calm and respectful demeanor during your negotiation increases your chances for a positive outcome.

2. Can you request a lower interest rate on a credit card?

Yes, you can request a lower interest rate on your credit card. Your provider will be more likely to approve your request if your credit score has improved or you’ve receive offers for cards with lower APRs.

3. How much can I save by lowering my interest rate?

A lower APR can lead to significant savings and faster debt repayment. If you have a 20% APR and you manage to negotiate it down to 15%, you could save hundreds annually, depending on your balance. For instance, on a $5,000 debt, this reduction could save you $250 each year.

4. Does asking for a lower interest rate affect credit score?

The request may temporarily lower your credit score if your provider conducts a hard inquiry. Many providers only do a soft pull, which does not impact your score. Double check with your provider.

5. What factors help in securing a lower interest rate?

A good score, on-time payment history, and low debt-to-income ratio can strengthen your case. Showing you’re a low-risk borrower assures issuers, increasing the likelihood of them granting a rate reduction.

Bottom line

Credit card providers may lower your interest rate if you ask. It’s not guaranteed, but a request usually won’t hurt.

The best thing you can do, though, is avoid interest altogether. Only purchase items on credit that you can afford to pay for with cash. Then, pay your bill in full and on time every month. You won’t be charged a dime in interest.

Paying in full isn’t always possible. If you find yourself in debt, it helps significantly to have a low interest rate. Ask your credit card issuer for a reduction. If they deny your request, ask for temporary hardship or apply for a card with a 0% APR. There’s no shortage of ways to get a lower rate. If one doesn’t work, simply try another. A lower interest rate is one of the easiest ways to save money.

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16. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

17. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

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22. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

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24. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

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28. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

29. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

30. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

31. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

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33. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

34. Tipping or not tipping has no impact on your eligibility for SpotMe®.

35. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

36. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

37. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

38. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

39. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

40. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

41. MyPay is only offered in select states

42. To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply.

43. Not affiliated with Empower Annuity Insurance Company of America (www.empower.com). Not everyone will qualify. Offers range from $10-$300 for first-time customers; $10-$400 for all others. Offers are based on our eligibility requirements and can go up with on-time payments. In Feb 2025, the average offer was $95 for first-time customers; $187 for all others. Instant delivery is optional—see fees in Empower’s Terms. Empower offers a 14-day trial for first-time customers followed by an auto-recurring $8/month subscription fee. Cancel anytime.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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How to Lower Your Credit Card Interest Rate

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