Yes, you read that correctly. You can actually negotiate lower interest rates with your credit card company or bank. It’s all in how you handle the situation though, that could land you better monthly rates. You have to consider the investment on their end. They gave you a certain amount of money and expect to be paid back with interest. It benefits no one if you can’t afford to make those payments and have to declare bankruptcy. In most cases, simply asking for better rates will work but it never hurts to have a strategy in place to give you all the power in the negotiation. Read the tips below for negotiating lower rates.

Tips for Negotiating Lower Rates

Alright, it’s just you and a lender in the ring (probably an office) and now it’s time to show them who’s in charge.

    • You should start strong by having a legitimate reason for lowering rates. Just wanting to pay less is not going to cut it. If your interest is to a point where you can’t pay it off, then it’s time to start negotiating lower rates.
    • Before anything else, research the rates of their competitors and commit them to memory. If you have the time, give each one of them a call and talk to them about your current situation. If some of them have lower rates, you can bring that up in your negotiations.

Despite what you may think, most lenders are sympathetic to your plight and will work with you to figure something out. If you’ve been with their company for years, it’s a good idea to mention your loyalty to gain some extra compassion.

  • A great attitude goes a long way when it comes to your lender having sympathy to your situation. Some people are frustrated to begin with when they walk in, having a calm and collected demeanor when you meet is a nice change of pace for them and gives you a better chance of negotiating lower rates.
  • If all else fails, check back in a few weeks to negotiate again. There’s no harm when it comes to negotiating. They can’t increase your rates because you keep coming back to meet. They may even give you advice to help them approve your request next time around.


When it comes to negotiating lower rates, if you have a good reason you’re more likely to get approved. Following these steps will definitely help your odds on a sympathetic and business level.


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