topic Re: Lowering CC Interest Rates? in Credit Cards

Lowering CC Interest Rates?

loviedovie — Mon, 28 Oct 2013 14:19:28 GMT

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..

Re: Lowering CC Interest Rates?

visorboy1974 — Mon, 28 Oct 2013 14:21:46 GMT

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.

Re: Lowering CC Interest Rates?

coldnmn — Mon, 28 Oct 2013 14:28:40 GMT

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

Re: Lowering CC Interest Rates?

09Lexie — Mon, 28 Oct 2013 19:19:27 GMT

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.

Re: Lowering CC Interest Rates?

takeshi74 — Mon, 28 Oct 2013 19:55:16 GMT

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

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.

Re: Lowering CC Interest Rates?

loviedovie — Mon, 28 Oct 2013 21:54:36 GMT

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!

Re: Lowering CC Interest Rates?

armbenderc — Mon, 28 Oct 2013 21:58:02 GMT

@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..

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

Re: Lowering CC Interest Rates?

DQ007 — Wed, 22 Jan 2014 01:39:43 GMT

Would this result in a HP or SP?

Re: Lowering CC Interest Rates?

stema8701 — Wed, 22 Jan 2014 01:52:35 GMT

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..

Re: Lowering CC Interest Rates?

indiolatino61 — Wed, 22 Jan 2014 02:30:33 GMT

@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..

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.