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HomeBlog Debt ReliefHow To Negotiate Your Credit Card Interest Rates
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How To Negotiate Your Credit Card Interest Rates

March 15, 2013 by National Debt Relief

If you’re laboring under a big load of debt of, say, $10,000 or more you might be able to get it lowered by negotiating reductions in your credit card interest rates. While this may come under the department of “if it’s too good to be true,” it’s actually possible.Young Man talking on the phone and smiling

There’s a website for that

Negotiate my rate is an interactive tool that can help you do just this. When you arrive a the site you will see a list of the largest credit card companies and the average reduction percentage that customers have been able to negotiate with them.

You need to have been a good customer

There are some caveats associated with negotiating a better credit card interest rate. First, you need to have been a good customer with a history of at least six months worth of on-time payments. You must be going through a financial hardship and unable to make your payments. And you need to have an offer for a credit card with a lower interest rate but you don’t have enough money to pay the balance transfer fee.

How to use the website

If you want to give negotiate my rate a try you will need to first find the bank that holds your credit card and your current balance. Type in your balance owed and a box titled “potential savings” will automatically fill in the amount you could likely save.

Two examples

I saw two examples of how this might work. The first was for a Citibank card where the average interest reduction was 5.4%. In the case of a of a $4,500 balance this would save the cardholder $1,346. The second example was an American Express card with a $1200 balance and an average reduction of 2.5%. This would save the cardholder $166.

The bigger the balance, the better the savings

As you can see from these two examples, the bigger the balance you have the more money you will save – assuming you can negotiate an interest rate reduction.

How it could help

Negotiate my rate has useful guides that can help you negotiate with your credit card providers. To get this information first click on the tab labeled What to Know. This is a sort of cheat sheet that will tell you what you need to know about negotiating a rate reduction. For example, it will suggest you gather up some alternatives or credit cards that have lower APR rate offers. It will also advise you to have your payment history ready and, if possible, your credit report. There is also a tab labeled What to Ask. Choose this tab and you’ll learn what questions to ask when you call the credit card company such as “do you have the authority to lower my rate, what would I need to do to get a lower rate and do you have some sort of promotional rate I might qualify for?

Be respectful

The site also suggests that you be respectful and not act like a jerk. Don’t be rude even if you’re not getting the interest rate reduction you had hoped for. The person on the other end of that telephone line wants to be helpful but if he or she can’t lower your interest rate substantially, don’t take it out on them. They’re just doing what they’ve been told to do.

The other important benefit

As you have seen, negotiating a reduction in your interest rate could save you a fair amount of money. This leads another important benefit. The less money you have to pay back, the faster you should be able to pay it off. Go back to that example where you could save $1,346 on a $4,500 balance. That would leave a balance of just $3,154 that you should be able to pay back a lot faster than the $4,500.

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Moderate National Debt Relief Caller: Misty Transcribed WE 3/28/2021 Misty: The call, it may be recorded. Can you tell me do you recall how you heard about NDR? KYLE: I googled it, and then it went to Better Business Bureau or whatever it's called. And you guys have the highest rating. Misty: Which service did they actually provide for you? KYLE: So, basically, I enrolled all my credit cards into the program. And I stopped paying. And then, the lawyers reached out to the company's lawyers. And they've been settling, stuff like that. Misty: How would you describe your interaction that you had with your representative that you worked with on getting everything squared away? KYLE: Oh, it was excellent. Misty: Do you feel that the door of communication is still open if you have any questions or concerns? KYLE: Yes. Yes, I actually have been meaning to call you guys, too. [Laughs] I just haven't had time, but yeah. Misty: How did NDR work with you on your payment plan? Do you feel that they're flexible if you need to change the date? KYLE: Yeah. Yeah, if I ever had to. I don't need to, but I know that if I ever had to, I can just call them. Misty: What are your thoughts on the cost in relation to the quality of service you've received from them? KYLE: I'd say 10 out of 10. Misty: How has working with NDR impacted your life so far? KYLE: It's helped out a lot. I was really underwater with bills, and now I can breathe. And I managed it a whole lot better. Misty: Have you actually finished the program or are you still working through it? KYLE: Still working through it. I got one more card to settle. Misty: But we're making progress though, right? KYLE: Absolutely. Yeah, I think one of my cards was 17,000. They settled it for 6,000. That was pretty cool. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? KYLE: Well, what I was gonna call them about was just as far as the payments that I make, and is there an actual date as to when it stops at 43 months, or if that was an estimated date? So, I guess I should have gotten more clarification in the beginning. But that's kind of what I had questions about. Misty: Well, that brings us to the star rating, which is 1 to 5. So, how would you rate your experience with NDR at this time, and 1 would be very dissatisfied, 5 is that you would recommend them to a friend at this time? KYLE: A 5. Misty: What would you say to that friend who asked you about it, just maybe one or two things you might tell them before they decide who they're going with? KYLE: That your credit is gonna take a hit, but it's gonna bounce back, and you'd be fine. Misty: Would it be okay if we shared your feedback on ConsumerAffairs.com for others to read it or in a similar point in their life where they're like, “I'm not sure who I need to go with,” but they can read reviews of people that have started the process with NDR? KYLE: Yeah. Is it gonna have my first and last name on the review? Misty: No, sir. Only first name, and we do not publish any contact information. KYLE: Okay. Yeah, that’s fine. Misty: I have kylecunningham1873@gmail.com. KYLE: Yes, ma'am.

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