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Q: Is it possible to negotiate one’s credit card interest rate? Mine seems a little on the high side, so I would love to get it down a little bit. Can I do this?
A: Yes, you actually can. There are several instances in which you may be able to negotiate on interest rates.
If you have made your minimum payment, or more than your minimum payment, on time for several months, you may be able to negotiate your interest rate. Have your last several credit card statements or proof of payment in front of you when you call so you can give exact dates and figures.
If you are having trouble making the payments as they stand with the current interest rate, call the card company and explain your situation. Ask them if they would consider lowering the interest rate so that you can continue making at least the minimum payment.
Use the comparison method. Call your card company and tell them what the interest rate is on a competing card that offers many or all of the same benefits. They may be interested in working with you to avoid losing some of your business to another card company.
If a card company seems unwilling to negotiate on interest rates, you might try asking them about finance charges or even annual fees. Don’t give up, keep asking until you either get some sort of compromise or are convinced they won’t negotiate.