[Sample] Letter to Credit Card Company to Lower Interest Rate

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Learn how to write a letter to credit card company to lower your interest rate. Use our sample letter to credit card company to lower interest rate as a template for your request letter.

Letter to Credit Card Company to Lower Interest Rate Sample

Your Name
Your Address
City, State, Zip Code

DATE

Customer Service Department
Name of Credit Card Company
Address of Credit Card Company

RE: Requesting a lower interest rate on card number NUMBER

Dear Sir/Madam:

For the past ten years, I’ve had a credit card with your company, and I’ve always made my payments on time. But I formally request that you lower my account’s interest rate.

Additionally, I am aware that other credit card companies charge rates that are much lower than the PERCENT OF INTEREST that I am currently paying.

I would like to continue doing business with your company even though it might not be in my best financial interest. However, I’m considering switching to a company with a lower interest rate.

I’ve also received the following offers::
Company Name and Interest Rate
Company Name and Interest Rate

I also request a reduction or elimination of the annual cost I pay to renew my card. I’ve received a lot of offers without an annual cost.

You can see from my record that I have always paid on time, and I have never been charged a late fee.

I’ve also never over my credit limit. These are the reasons I’m asking for my renewal fee and interest rate to be reduced.

If my request is denied, I will have to terminate my credit card with your company and switch to one that provides me with better terms.

I would like a representative of your company to call me at 555-123-4567 or contact me by email at name@email.com to notify me of your decision about lowering my interest rate and eliminating my annual fee.

I would appreciate your prompt attention to my requests. Thank you for attending to this matter.

Sincerely,

Signature
Your Printed Name

Frequently Asked Questions (FAQs)

1. What should be included in a letter to request a lower interest rate from a credit card company?

Answer: A letter requesting a lower interest rate from a credit card company should include:
  • Your full name and account information
  • A polite request for a lower interest rate
  • A reason for your request, such as a good payment history or loyalty to the company
  • An explanation of why you would benefit from a lower rate and how it would help you
  • An offer to transfer the balance to a different card if necessary
  • A polite conclusion and your contact information

2. Is it possible to get a lower interest rate on a credit card?

Answer: Yes, it is possible to get a lower interest rate on a credit card. Companies may be willing to lower the interest rate for customers who have a good payment history or a high credit score. It’s always worth a try to request a lower rate in a polite and professional manner.

3. How can I increase my chances of getting a lower interest rate on my credit card?

Answer: To increase your chances of getting a lower interest rate on your credit card, you can:

  • Maintain a good payment history
  • Keep your credit score high
  • Show loyalty to the company, for example, by having been a long-time customer
  • Offer to transfer the balance to a different card if necessary
  • Provide a persuasive reason for your request, such as financial hardship

4. What happens if the credit card company denies my request for a lower interest rate?

Answer: If the credit card company denies your request for a lower interest rate, you may still be able to find other options. 

You could consider transferring your balance to a different card with a lower interest rate, negotiating with another credit card company, or exploring alternative forms of debt management such as a personal loan.