Let's Play The "Lower Our Credit Card Interest Rate" Polka

by Katy on May 23, 2008 · 3 comments

Three things in life are certain: Death, taxes and credit card offers. We all receive them (and then hopefully shred them). Carrying a credit card balance is less than ideal, but statistically most of us do it. Even if you don’t carry a balance on your card, having the lowest interest rate possible is still worth pursuing. 


I have written up a script below for you to use when contacting your credit card company. I would recommend reading through the whole script a few times, maybe even out loud before you get started. I followed a similar script last year and got 3% knocked off an already low interest rate card without any problems. That card has since stayed at 5.99%. Give it a try, you have nothing to lose and much to gain.


First call the customer service number on the back of your card. Your lines are in bold print.


You:  “I have been getting some credit card offers in the mail who want me to switch my balance to their card. Before I do that, I wanted to find out if you will lower my interest rate. What is the lowest interest rate you can give me?” 

They may then ask for specifics about which card and how low an interest rate you are being offered. You have no responsibility to name the competing card and offer.


You: “The card is low enough for the next year that I am considering taking it.”


They may point out that competing cards’ low interest rate offers are only temporary.


You: ” I understand that, this is why I am calling to see if __________ Visa can lower the rate on my existing card.”


At this point they should make an offer of a lower rate. 


You: “Thank you, that is very generous of you, but may I please speak to your manager?”


The manager has the authority to make a better offer. 


You: “I have just been speaking to the very helpful customer service rep who has offered to lower the interest rate on my credit card to ______%. Although that is a very generous offer, I have been receiving credit card offers with very low interest rates and I am considering switching my entire balance over to them. Really though, __________ Visa has always been so good to me, and I would rather stick with you. What is the lowest interest rate you are able to offer to me?”


You should then get a new offer.


You: “Is that the absolute best you can do?”


You now have the lowest interest rate your credit card company is willing to give to you.


You: “Thank you so much, may I please get your name and title. I would like it very much if you could send me a written confirmation of this new rate.”


It may seem corny to follow a script, but you’re simply using a sales tool like countless credit card employees have been doing for years.


I look forward to hearing how this worked for you. 

-Katy Wolk-Stanley

“Use it up, wear it out, make it do or do without”

{ 1 comment… read it below or add one }

S.R. November 2, 2008 at 1:30 pm

wow thanks I just tried it and went from 11.99% to 8.99%
I no longer use credit cards but this sure helped for the balance


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