Yes, you may be able to lower the interest rate on your credit card simply by making a phone call to your credit card company or bank. While it may not always be possible to lower the rate or reduce it by a significant amount, it is worth at least trying if it will save you money and lessen your debt in the long run.
According to U.S. News & World Report, the national average interest rate for a new credit card is about 15 percent. This means that if you have $3,000 of debt on that card and you make payments of $100 per month, it will take you just over three years to pay off that debt. In that time, you will have paid over $775 in interest alone. By reducing that interest rate by even a few percentage points, you would pay off the card sooner and save hundreds of dollars in interest.
Therefore, if you think your interest rate is too high it is worth asking to have it lowered, as two-thirds of cardholders who make such a request are approved. The first important step is to do your research. If you have received offers from other companies with a lower interest rate, be sure to mention that when you call your credit card company. In addition, many companies appreciate customer loyalty so you may have better luck with the credit cards that you have had the longest.
If you are met with resistance, that is ok. You should remain polite but persistent and if a representative cannot help you, you may want to ask to speak to a manager. Remember to beware of introductory rates and keep in mind that if you make any late payments your rate will likely rise again. However, a short phone call may be a simple solution to reducing your credit card debt.