How can I negotiate down my credit card APR?

A lot of can depend on how far behind you are on payments, if at all. Typically if you're behind, once you're close to the 6 month mark where the bank is about to have to have to charge off the debt is where you have the most room to negotiate. The following doesn’t work everytime, but it’s worth 5 minutes and giving it a try! Here’s an example script you can try by either calling in or doing it over chat. Remember, they are humans just like you, and are used to dealing with grumpy people. Make a friend and speak with kindness and gratitude. You get more flies with honey than with vinegar!

• You: “Hey, (NAME). Thank you so much for taking the time to help me today! I hope you’re having the best day of your life. ? I’m choosing to pay off my credit card debt more aggressively beginning next week/month, and I’d like to lower my APR.”

• Credit Card Rep: “Okay, may I ask why?”

• You: “I’ve decided that I’m going to pay off this debt at a much faster pace, and to help me do that, I’d like a lower APR. I’ve been paying my bill in full/minimum payments on time for the last few months/years, and there are other cards offering me rates far less than/at half of what you’re offering (of course only say this if it’s true - look and find some competing offers if possible). I’d like to lower my rate by 50%. How can you help me make that happen?”

• Credit Card Rep: “After examining your account, unfortunately we can’t offer you a lower APR. However, we can offer you a credit limit increase.”

• You: “Thank you so much for the generous offer, but that won’t work for me. Like I mentioned, other credit cards are offering me zero percent introductory rates for 12 months, as well as APRs of half what you’re offering (again please find a way to be truthful here and make this statement your own). I’ve been a customer with you for x years, and I’d rather not switch my balance over to a lower interest card. What can you do to match the other credit card rates, or at least go lower?”

• Credit Card Rep: “I understand. Let me look at something. Actually, the system is now letting me offer you a reduced APR of ____, and we’ll make that effective starting today.”

  • If they say they can’t: You: “I so appreciate your generous time, and I understand you’re only allowed to offer so much, so I’m happy to take this up with a supervisor. How can you connect me?” (Then start from the top).

  • If they say they can: You: “That’s so kind and generous. Wow, thank you! Lastly, since you were able to get me a better APR, I’d like to have that same interest rate applied to the last few months/years and have that interest credited back to my account. I know that’s a big ask, but what can you do to make that happen?”