EPISODE 38 ~ SAVE MORE: Credit Cards: Negotiate To Decrease The Interest Rate On Your Credit Cards And Save Thousands

Save more money with The Easy Money Show

Let’s talk about negotiating a lower interest rate on your credit card as a way of saving hundreds or thousands of dollars.

This strategy applies to people who carry a credit card balance.  Negotiating a lower interest rate, which will also help you pay off your debt more quickly and cheaply. All you do is call up your credit card company and politely ask them to lower your interest rate. Naturally, you will also mention that other card companies have offered you a lower rate, so if this company doesn’t help you, you will take your business elsewhere.

A few years ago, I tried this with a bunch of young Good Morning America employees and it was a grand success. We showed off their results live on the show. Here’s what a few five minute phone calls accomplished:




Cardholder 1



Cardholder 2



Cardholder 3



Why do banks go for this? Simple.  It’s easier for them to keep a current customer than to get a new one so the bank will probably work with you, too. 

Those simple phone calls can make a big difference in how much and how long it takes to pay off your credit cards.  Let’s say you have $15,000 in credit card debt (I see it all the time) and you want to pay it off in two years. How much would negotiating for a lower rate help you? Let’s use the numbers from Cardholder 2 since it’s a real interest rate reduction I’ve seen with my own eyes. Here’s the math:

Interest rate

Amount due







Wow!  By simply negotiating a lower interest rate, you would be able to save $1,272 over two years.  Interest is one of the biggest things we spend on, so any  time you can reduce the interest rate you pay, you are doing yourself a big, fat favor.

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