Credit Card Rate Reduction, how possible?

[noahwilson]

Is it possible to request for a rate reduction on your credit card? I've read an article stating that one can request for a rate reduction. Not sure though if this is possible.

[JoeP]

Is it possible to request for a rate reduction on your credit card? I've read an article stating that one can request for a rate reduction. Not sure though if this is possible.

Call your credit card company and ask. Also shop around ahead of time and find another credit card with a lower rate. You can always use that as leverage: if your credit card company will not lower your rate then tell them to close your account because you have another offer at a lower rate.

Of course, the best plan is to simply pay off your credit card balance every month. That way, interest becomes irrelevant, and you can take advantage of the card's other benefits (e.g., hotel points, cash).

[snafu]

Do you know your FICO score? That is another point that might help negotiate your interest rate down. I'd look for a no fee transfer to 0% CC BUT caution that you must be able to make the payments that clears the balance within the allotted time frame. If it goes over, they charge as high as 22%. It can be hopping out of the fry pan into the fire dangerous.

If you're willing to give details of income, reoccurring expenses, CC balances & interest rates, loan balances and interest rates we may be able to offer helpful suggestions to get you using your money as efficiently as possible. How much of your net income went to interest in July? Are you willing to make any short term changes to clear debt?

[Gailete]

Yes, is is possible to get rate reductions and even grace on a late payment, BUT you have to have a good history with that cc company of on time payments, and no problems with your account for several years. But if you pay your bills late every other month, I wouldn't count on it getting lowered. All your cc have a date on for how long you have been with that company, the longer the better with that good history is your best bet for negootiating a rate reduction. And of course paying your bill in full every month is better in the long run for sure!