Cut Your Credit Card Rate: A Simple Trick to Save Hundreds

  • On : October 20, 2015

Just about everyone these days has a credit card, but that doesn’t mean that it’s always a good thing. While it means we can leverage our spending power to a large degree, the debt this luxury brings with it keeps more than a few of us up at night. Fortunately, there’s one simple step you could take to help cut your credit card rate and save hundreds in the process.

man on phone calling bank about credit card rate


First, call your credit card company and see if they’d be willing to waive a recent late fee you’ve incurred. Then, see if they wouldn’t mind lowering your interest rate while they’re at it.


Worried they’ll laugh you off the line? Well, according to a recent phone survey conducted by, you have a good shot at getting two “yesses” from these questions. Their survey showed that nine out of ten people who asked for the waived fee were granted it. Two-thirds of those who asked for a reduced credit card rate also hung up happy. Sadly, most people seem to think the idea isn’t worth trying out, which is why found that only 25% of those they spoke to even tried it.


While it’s easy for us to think of credit card companies as scary, faceless conglomerates, remember that they employ people whose job it is to keep their customers happy, if for no other reason than that’s how they make money.


credit card rate section of card agreement contract

It certainly helps if you’ve been a good customer in the past, but if your interest rate has gone up because of a couple missed payments, there’s a supervisor out there who’s going to have a lot of motivation for lowering it back down in order to ensure you don’t go with someone else.


Though you won’t save thousands a year from this one little trick to cut your credit card rate, it could still make a big difference to your personal finances. If nothing else, it’s free money.


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Chris Baker
Chris Baker