Sample Letter: How To Ask for A Lower Interest Rate

With the recent incidents of credit card companies raising interest rates, even on the accounts of excellent customers,
many consumers have begun to fight back and are working to get a reduction. Getting a reduction on your credit card interest is not impossible, provided you are a good customer, you pay on time all the time, you have a good credit score, you pay more than the minimum each month, and you do not have a high debt-to-income ratio.

Here is a sample of a letter you can modify and send to your credit card company to request a lower interest rate:


Credit Company Name

Re: Account Number #_____________________

Dear [Name of Credit Card Company]:

I am writing this letter to request a reduction in my current interest rate of ___% to a more reasonable rate of ___% so it is more inline with the current market rate. It has come to my attention that my interest rate has jumped from ___% to ___% in a period of ________ months.

I have visited the websites of several competitors and notice that they are offering an interest rate much lower than what I am currently receiving. [Mention specific examples of other credit card companies as well as their rates.]

I have been a solid, long-standing customer with your company for ___ years and would appreciate your consideration of a lower rate on my account. I feel the increased rate is unfair considering my long-standing history. You will find that I maintain not only a good credit history in general but I have an excellent history of payment with your company.

I would appreciate your consideration of a lowered rate at this time. I would like to remain a loyal customer with your company. If you can not extend a reduction offer, please advise as soon as possible, as I am considering accepting several offers from other card companies who are offering much lower interest rates as well as balance transfer options.


[Your Name]
[Contact Information]

You can choose to send your letter certified with a return receipt to be sure it has been received by the card company. Give it some time but be sure you do a follow up with the credit card company in about 3-4 weeks by phone if you do not hear from the credit card representatives. If you are still not getting any response about your request, it may be time to start shopping around for a better card with a lowered rate.

Be sure to check out how to negotiate with your credit card company.

Since you have already put the word out to your credit card company about changing companies, be ready to do what you said you would do. With your good credit history and score, you should be able to qualify for a better card. Remember also that you should not rush to close out the current account. Leaving it open but not using it actively will keep your credit score up, which is essential when you are applying for new credit.


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