May 7, 2019
There's no guarantee that if you make the call the credit card issuer will give you a break, but a recent survey by CompareCards.com shows, it's worth a shot.
"About eight in 10 cardholders who asked to lower their credit card interest rate in the past year were successful," said Matt Schulz, chief industry analyst at CompareCards. "Unfortunately, way too few people take the time to make that call and because of that they end up paying their credit card company a lot more than they need to."
Based on this survey, if the credit card company agrees to lower the rate, the savings can be substantial.
"The average APR reduction that people reported was about six percentage points," Schulz said. "If you think of going from 24 to 18 percent, for example, that can save you hundreds of dollars over the life of that balance. That's a really big deal. It's worth your time."