How to lower your credit card rate with a single call

What to say to get a lower credit card rate

What's in your wallet? Chances are a couple of credit cards charging you 20 percent or more for any balance you carry.

According to comparecards.com only one in four credit card holders bothers to ask for a lower APR, and of those that called and make the request 64 percent did see a reduction in their rate

The key is pointing out your solid payment history, credit score and hint you are willing to close the account and accept a competing card offer.

We tried two different cards. Macy’s charges an APR of 26 percent.

I brought up my solid payment history, credit store and the number of years

I was told the APR is the same for all Macy’s card holders and there is no way to reduce it. Then I escalated it up to a manager and was told the same line.

Next I pulled out my Mastercard which charged an annual percentage rate of 17.49%

It took just a minute or two to get to customer service. Again I pointed to my solid history of on time payments, my credit score and the fact I was willing to close the account if they could not help me with a lower rate.

In that five minute phone call the bank offered to drop the APR from 17.49% to 13.48%.

On a balance of $5,000 that could mean a savings of around $250 per year.

Make the call you have nothing to lose and everything to gain but failing to ask may cost you. 

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