Lowering CC Interest Rates?

[loviedovie]

I know we talk about raising limits a lot, but is there such a thing as lowering interest rates? My first few cards were at very high rates, but now my score is pretty good and I can get approved for lower rates/higher limits and I wonder if I can change this..

[visorboy1974]

Depends if there's a lower rate available.  I know I'm already at the lowest rate for most of my cards, but if I'm not, I'll ask for a rate reduction when I ask for a CLI.  

[coldnmn]

It doesn't hurt to ask but rewards cards are high even at the best rate in most cases. Congrats on your cc journey.

[09Lexie]

Whenever I ask for a CLI or receive an auto CLI, I ask for an APR reduction. Obviously, this works only if I'm paying a higher rate.

[takeshi74]

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@loviedovie wrote:

I know we talk about raising limits a lot, but is there such a thing as lowering interest rates?

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Yup.  All depends on the terms and your credit.  You should have received a copy of the terms detailing the range of rates (if applicable -- some are fixed) when you first received your card.

[loviedovie]

Thanks all! I will definitely check around the 6 month mark if I can lower interest.

I love these forums! I learn so much from you all!

[armbenderc]

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@loviedovie wrote:

I know we talk about raising limits a lot, but is there such a thing as lowering interest rates? My first few cards were at very high rates, but now my score is pretty good and I can get approved for lower rates/higher limits and I wonder if I can change this..

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I would just call them up. It works for me on CITI.

[DQ007]

Would this result in a HP or SP?

[stema8701]

Mine were soft pulls.. CITI HH 16.24->14.99 CITI Diamond Preffered 18.99->16.99  Discover IT 19.99->16.24.. All you have to do is ask..

[indiolatino61]

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@loviedovie wrote:

I know we talk about raising limits a lot, but is there such a thing as lowering interest rates? My first few cards were at very high rates, but now my score is pretty good and I can get approved for lower rates/higher limits and I wonder if I can change this..

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Yes, you can certainly negotiate your APR's...this is something I should do, but since I usually PIF, it hasn't been a priority for me over CLI's. Good luck to you.