If opening your monthly credit card statement makes you cringe, you’re not alone.
Credit card interest rates remain near historic highs, with the average annual percentage rate (APR) sitting at 19.6% — just below the record high of 20.8% reached in 2024.
But consumer experts say there’s one simple strategy many cardholders overlook that could save them money: Ask your credit card company to lower your interest rate.
According to LendingTree, 84% of credit card customers who requested a lower interest rate this year received one.
The key, experts say, is how you ask.
Richard Rosso, a veteran financial advisor with Houston-based RIA Advisors, recommends approaching the conversation politely and being persistent.
“You’ve been a good customer. Bring up all the success you’ve had with that bank or entity and say, ‘I’ve been a loyal customer. Can you review me for a lower rate?’” Rosso said.
If the first representative says no, Rosso advises asking to speak with a supervisor or someone in the account retention department.
“Don’t take no for an answer,” Rosso said. “You need to be politely persistent. Continue to make your case and highlight your strengths.”
In addition to requesting a lower APR, financial experts recommend these money-saving tips:
Pay off the balance on your highest-interest credit card first, especially if you can’t pay all your balances in full.
Use rewards credit cards for everyday purchases such as groceries, gas and travel to maximize cashback or points.
Avoid cash advances whenever possible, as they typically carry the highest interest rates and additional fees.
With borrowing costs remaining high, taking a few minutes to negotiate your rate could help reduce the amount you pay in interest over time. Financial experts say it’s a phone call that’s worth making.