Lower Your Credit Card Rate (Really)
Sam Sweet has become a master at getting credit-card issuers to cut the rates on his cards.
Sam Sweet has become a master at getting credit-card issuers to cut the rates on his cards. Over the past several months he has persuaded no fewer than three major banks to roll back interest-rate hikes. He talked Capital One down from 12.9% to 7.9%, got Chase to reduce its rate from 17.9% to 11.9%, and cut the rate on his Washington Mutual card in half -- from 23.9% to 11.9%.
What's Sweet's secret? He has a stellar credit record, has owned each of his cards for more than two years and has never made any late payments. It also helps that he's very, very persistent.
1. First, he calls the customer service department and asks for a lower rate. "Naturally, they say there's nothing they can do," says Sweet, who lives in Erial, N.J.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
He's told that he can pay off the balance at the old rate and then close the account. But he wants to keep the account open and make new purchases at the lower rate. So he asks for a manager -- who says there's nothing he or she can do, either.
2. Next he calls the company's corporate office. "Ask for the president," advises Sweet. "If you know his name, that's even better. Be stern and firm." When asked why you're calling, "explain that you can't believe the company has such horrible customer service."
3.That tactic usually gets Sweet transferred to escalated customer service, where "you tone down your act and say you can't believe that the company treats customers this way." Remind the customer-service representative that other card issuers want your business, and "remember to be nice here."
The response is always the same, says Sweet. "They say they need to look into it and will get back to me." He figures the card issuer checks his credit score and account history. The company always calls back to offer a lower rate.
"Those steps have worked every time," he says.
NEXT: Decipher Your Credit Card Statement
JUMP TO:
Finance
Credit
Retirement
Investing
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
TSA Expands PreCheck Access for Military Members, Families and Veterans
Enhanced "Serve with Honor, Travel with Ease" initiative lowers barriers to expedited screening for service members and their loved ones.
-
What to Know About New Medicaid Cuts: Is Your Local Hospital Closing Soon?
Tax Policy Trump’s ‘One Big Beautiful Bill’ is now law, and rural hospitals across the U.S. are on the chopping block.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online Bargains
Feature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?
insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know, Plus the Best Deals on Apple, Samsung and More
Amazon Prime Amazon Prime Day is four days this year. Here are the key details you need to know, plus some of our favorite deals to shop during the sale.
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.