How to Lower Your Credit Card APR

Lower Your APR

Kaya Cassan
Kaya Cassan, Yahoo! Contributor Network
Jul 9, 2007 "Share your voice on Yahoo! websites. Start Here."
Credit cards are very helpful but when used inappropriately they can really damage your credit score if not paid on time or paid off completely. I am sure everyone has a credit card with high or low balances either way you need to know there is a way to lower your APR with a simple phone call. I have been trying to lower my APR for about a year now and each time I called my credit card companies they would tell me I'm not eligible. They always gave me the run around.

I read somewhere that if you call the credit card companies directly and tell them you are going to cancel your current card with them and get a new card they will do whatever they can to keep your business. Make sure you let them know you have found a better deal. The article advised that they will do anything to keep your business and will lower your APR if you ask.

I reluctantly decided to call for myself and take the advice of the article. Therefore, I called my credit card company and within seconds they lowered my APR percentage by 8%. I called and said, "Hi, I have found a significantly better APR percentage with another credit card company and I'm about to cancel my account. I thought I would call and see what you have to offer before I leave."

The credit card associate literally told me to hold and transferred me to another department. The next associated asked me how low is the other credit card's APR and I gave him a vague "I'm not sure but lower than yours," response. The respondent literally reduced my APR by 8% and advised that the change will come in effect in 3 days. I was impressed. I saved myself a ton of money in 10 minutes.

I decided to call my second credit card company which already has a low APR and I still managed to get them to lower it by 2%. They also have options where you can get your new purchases APRs lowered. I'm not over with this. I'm going to call back in about a month to see what other options I have.

Everyone who has a credit card should try this. It never hurts to try and save some money. I should have done this years ago because it is almost impossible to pay down on a credit card that is at a 28% APR. Your first step should be to find out what your APR is which is something I never knew until now.

Published by Kaya Cassan

My bio must be written every day because I change every day. I have many ambitions and writing is my strongest. By far, it has been my truest self-saving vocation. Also, please check out my book Accidenta...  View profile

  • The respondent literally reduced my APR by 8% and advised that the change will come in effect in 3 d
I read somewhere that if you call the credit card companies directly and tell them you are going to cancel your current card with them and get a new card they will do whatever they can to keep your business.

13 Comments

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  • DJ3/26/2011

    Best thing I ever did!!! just did this today and got my APR lowered by 18% to a much more reasonable rate and it only took about 20 minutes and no fighting.

  • Kaya Cassan12/9/2010

    I have just read everyone's comments. I am so glad I was of service but I will say that credit card companies have changed drastically since 2007 when I wrote this. I have recently tried to negotiate with my credit card companies with no love. They won't budge. It's the economy for sure. Good luck to you all!

  • ken12/8/2010

    i have large amounts on my charge cards because they will not bring down my apr and when i go to pay the monthly bill i go nowhere .i am lucky when i pay a little more then what they want i break out even .they tell me there is no lower rates.if the would bring it down from 22% down to 15% then thar extra money would help my credit

  • Stacy D.9/28/2010

    I decided to take your advice. I recently was let go from my job of 2 years due to downsizing, so since I won't have a steady paycheck I'm trying to cut as much out as possible. So back to the story, I called Chase, and was told that they couldn't lower my APR until possibly January if I continue to pay my bills on time. I even told the representative that I've been a card member with them since 2007 and my APR hasn't lowered once. Hope everyone else will have more luck

  • K.C.5/21/2010

    I just called Chase credit card and told them that I'm doing balance transfer since I found a credit card company which offers me a lower APR. [I'v been paying above minimum charge and on time at Chase.] I asked them if they could offer me same equivalent APR and she said "they currently can't do so", plus she tried to imply "go ahead do a balance transfer." Should I call back again?

  • Hannah G9/15/2009

    I've got to say you're lucky, I called and tried this and they said "with the economy the way it is, we cant lower anyones APR." So I told them " well if you're business is in trouble, you think you'd do what you can to help out the customers you do have instead of forcing them to go elsewhere"

  • Marinda F8/24/2009

    Thanks for the great info. I did exactly what you said and they reduced my APR down from 20% to 15% in one short call. They will hear from me again soon :)

  • Sean F12/5/2008

    This info is literaly priceless. I basically quoted what was said and reduced my Int. from 21% down to 15%, it would have been lower but they were claiming I was not using the card that much.

  • J Brand8/30/2008

    Very good Information . I've been looking for a way to do this and now I know how to do it.

  • Pam Gaulin5/15/2008

    Useful info!

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