Negotiate a Lower Credit Card Interest Rate Using This Script

If you have credit card debt, you want the annual interest rate to be as low as possible. Sometimes all you have to do is call to get a lower annual interest rate and pay off that debt faster.

LearnVest offers a checklist and script to convince your credit card company to lower its annual interest rate, from collecting offers from other companies emailed to you to asking for a “credit account officer” when you call.

Be polite but firm and ask open-ended questions instead of those that can be easily answered no. Case in point: “Do you think you can lower my interest rate?”

Consider using this scenario:

“Hi, my name is _____. I was a good customer of (current credit card company) (number of years) and I make payments on time, but my annual interest rate is too high. I have (x) offers from (competing company – credit card maker A) and (y) from (competing credit card maker B). I’ve had a good experience with you, but I’m thinking of switching. I’d like my APR to be lowered. ” [Note: Ramit Sethi also received good reviews for the script included in his book , which is also available via the $ 1.99 iPhone app ].

If they offer you just one point below, but they don’t give you a target bid, say, “Can you do something better?” If this is the best they can do, then move on to the next step [talk with the manager].

Specific advice can help you save money and pay off debt faster.

I want to negotiate a lower interest rate on my credit card | LearnVest

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