Is your credit card interest rate 18% or higher? Call the number on the back of your card, tell them you have seen lower rates and chances are that you can get them to lower it.
Your best leverage during the call could be if you have a recent offer in the mail with a low introductory rate of 0%-5%. If you don’t have a recent offer, you could mention that you are considering the No-Fee Scotiabank Value VISA Card for 14.99%, the lowest rate I found with no annual fee.
If you have been paying your minimum payment on time and they consider you a good customer, they will likely be willing to work with you to negotiate a lower rate. If you are told that there is nothing they can do, politely ask to speak to a supervisor as they may be able to make the change.
If you phone your credit card company and get your rate lowered, please leave a comment and let us know what your rate was and what it’s at now!
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Great tip! I suggest you ask directly for supervisor as the rep’s generally wont do it and it will save you some time.
[...] Drake presents Reduce Your Credit Card Interest Rate | The Canadian Finance Blog posted at The Canadian Finance Blog, saying, “Is your interest rate too high? There is a way [...]
This is great advice I recommend actually finding an offer first there are plenty of companies offering a good introductory rate but just make sure you take note of what the interest rate and balance transfer rate is afterwards because you may get tied into an expensive contract.
Hi!
I tried your advise and I didnt have any luck. I got a visa credit card with a 11.9% interest rate. I was one day late on a payment and they bumped my rate up to 21.9%! My monthly bill almost doubled. So I found you article here and gave i a shot. I even mentioned the Scotiabank value visa card you said, but I was told there was nothing they could do at this time and to call back in 6 months…
Is there anything I can do???
Thanks,
Matt
I am very lucky. Realy my Credit Card interest very higher 20.25%. I was very Tans. You are save my money. thanks
Johnmclrn
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Best Credit Cards
[...] Finances included Reduce Your Credit Card Interest Rate in this week’s Carnival of Debt [...]
It is very good way go saving money.
If looking for a good site to compare credit cards interest rates check out low interest credit cards. They’ve have many good cards listed.
This ais GREAT, information on credit cards is often ignored but it is extremely needed such as http://tips-money-managememt.blogspot.com/2011/01/credit-cards.html
I currently have a no-fee RBC Visa Gold Rewards card. Interest rate is at 19.99%. The benefits of this card are the rental vehicle insurance coverage, as well as the RBC rewards points which I then put towards an additional payment on my line of credit. I called and was told I would have to switch to a low interest card (11.9%), and that I could not get a better rate with my current card. Does anyone know of other banks out there offering better rates for similar cards?