Get a Lower Interest Rate on a Credit Card
Getting a lower interest rate on a credit card can be as simple as lowering the rate on your existing account.
1. Call institutions at which you have existing credit card accounts. Ask them to convert your account to the lowest available rate. Ask them to consider your payment history and longtime customer relationship.
2. Search for a company with better rates if your existing credit card company cannot satisfy your request. Look for solicitations in the mail or contact local banks. You can even contact either Visa or MasterCard and ask for a list of preferred issuers.
3. Contact companies in which you are interested and ask for an application. Inquire whether you can send an application by phone, fax or Internet.
4. Once you complete and return the application, you should have an answer within 10 business days. Call if you haven’t heard anything.
5. If your request is denied, the company is required to give you an explanation in writing. You are also entitled to a free copy of your credit report. Your denial letter should explain how you can obtain this. If it does not, contact the credit card company directly and ask for assistance.