Start by contacting your credit card issuer and asking whether it can lower your APR or offer a hardship plan. You can also compare a balance transfer, but weigh its fees, promotional period, post-promotion rate and effect on new purchases—not just its headline APR. Approval and savings are never guaranteed, so use verified issuer channels and avoid companies promising a rate reduction for an upfront fee.
Ask your current card issuer for a lower APR
Call the number on your card or contact the issuer through a verified account channel. Ask whether it can reduce your purchase APR and whether any available change would be temporary or ongoing. Confirm whether it applies to existing balances, new purchases, or both, and ask what eligibility factors the issuer considers.
A competing card offer can give you a concrete comparison to mention. The CFPB recommends shopping around and asking your current issuer to match or beat another card’s terms. The FTC likewise advises asking your card company directly: contact your credit card company directly and ask how to qualify for a lower interest rate. The issuer decides whether to make a change; neither a competing offer nor a request guarantees approval or savings.
Ask about a hardship plan if payments are difficult
If you are struggling to make payments, tell the issuer and ask what hardship or workout options are available for your account. Depending on the creditor and circumstances, a plan may reduce the rate, lower required payments, waive certain fees, or adjust a due date. Availability and terms vary by account. The CFPB explains how to contact your credit card company about difficulty paying.
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Before agreeing, get the terms in writing and check:
- The interest rate and whether it can change.
- The required payment and how long the arrangement lasts.
- Whether you may continue using the account.
- What happens if you miss a payment or the plan ends.
Some workout arrangements make the rate reduction conditional on completing the plan or meeting its terms. Read the agreement carefully and ask the issuer to clarify anything you do not understand.
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Compare a balance transfer by its total cost
A balance transfer may help if its cost over your expected payoff period is lower than the interest you would otherwise pay. Compare the transfer fee and promotional APR with the length of the offer, the rate afterward, and how much you can realistically pay before the promotion ends. CFPB guidance covers balance-transfer fees and introductory rates; the card’s offer disclosures and agreement provide the terms for your specific account.
For many introductory rates, federal rules require the rate to last at least six months, unless you are more than 60 days late. The issuer must disclose the promotion’s duration and the rate that applies afterward. A variable promotional APR can still change with its index during the promotional period, so check whether the offer is fixed or variable. These are rules about offer terms, not a promise that a particular application will be approved or that the transfer will save money.
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Understand how transfers affect new purchases
For most cards, carrying a balance from month to month means new purchases can begin accruing interest from the transaction date, even when a transferred balance has a promotional rate. You may lose the purchase grace period unless you pay the entire balance by the due date. Before using a transfer card for purchases, check its agreement; consider keeping new spending off it until you understand how interest and payment allocation work. See the CFPB’s explanation of credit card grace periods.
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Keep payments current and check rate-change notices
Many significant rate increases require 45 days’ advance notice, but exceptions apply. For example, an increase tied to the end of a temporary rate, a change in a variable index, or a payment more than 60 days late may affect an existing balance without that notice requirement. The CFPB describes when a card issuer can change an interest rate.
If an issuer raises the rate on an existing balance because you were more than 60 days late, making six consecutive on-time minimum payments can require the issuer to restore the earlier rate for the pre-increase transactions, subject to the rule’s scope. If you believe an increase resulted from an issuer error, contact the issuer and ask it to review the account. The CFPB’s regulation on reviews of rate increases sets out the applicable requirements.
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Pay down the balance as early as you can
Most card issuers calculate interest daily, so lowering the balance sooner can reduce the interest charged. Pay at least the minimum by the due date, then direct extra payments toward the balance with the highest rate, subject to your account’s terms. Avoid cash advances and other transactions with higher APRs when possible. The CFPB explains how card issuers calculate interest.
Choose the option that fits your situation
- Start with an issuer request if you want to keep your current account and can make payments. It costs nothing to ask, but the issuer may decline.
- Ask about hardship terms if the current payment is unaffordable. Focus on the written payment requirements, duration and consequences of missed terms.
- Consider a balance transfer if the total fee and interest are lower over your payoff period and you can manage the rate that applies when the offer ends.
- Keep paying down principal whichever route you choose; a lower APR helps, but it does not eliminate the balance.
Avoid rate-reduction scams
Do not trust an unsolicited call or message that guarantees a lower rate or demands an upfront fee. Contact your card issuer yourself using the number on the card or a verified account channel. The FTC says upfront fees for debt-relief services are illegal and that you can ask your card company directly without paying an intermediary. See its guidance on seeking a lower credit card rate.
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