[The annual percentage rate (APR) on a credit card represents the cost of borrowing money. When you apply for a credit card, the interest rate you’ll be offered is determined by a number of factors, including your credit score, income, and market conditions. Your account will never accrue interest if you always pay your balance in full and on time every month.
A consumer may want to lower their credit card interest rates for a variety of reasons. Credit cards are extremely useful until payments fall behind. If this occurs, the interest charges usually increase and may equal or exceed the minimum payment on the amount owed. Credit card companies may also raise interest rates due to high balances, late payments, or other factors. In spite of this, it is possible to get the company to reduce credit card interest rates.]
To,
Your Name…
Your Home/Office Address…
City, State, Zip Code…
DATE: DD/MM/YY
Customer Service Department…
Name of Credit Card Company…
Address of Credit Card Company…
RE: Requesting a lower interest rate on card number NO.
Dear Sir/Madam;
For the past (***) years, I’ve had a credit card with your company, and I’ve always made my payments on time. (Describe in your words). But I formally request that you lower my account’s interest rate. (Describe all about the situation). Additionally, I am aware that other credit card companies charge rates that are much lower than the PERCENT OF INTEREST that I am currently paying.
I would like to continue doing business with your company even though it might not be in my best financial interest. (Explain your actual problems). However, I’m considering switching to a company with a lower interest rate.
I’ve also received the following offers:
- Company Name and Interest Rate….
- Company Name and Interest Rate….
I also request a reduction or elimination of the annual cost I pay to renew my card. I’ve received a lot of offers without an annual cost. (Explain your requirements). You can see from my record that I have always paid on time, and I have never been charged a late fee.
I’ve also never over my credit limit. These are the reasons I’m asking for my renewal fee and interest rate to be reduced. (Describe your expectations). If my request is denied, I will have to terminate my credit card with your company and switch to one that provides me with better terms.
I would like a representative of your company to call me at (Number) or contact me by email at name@email.com to notify me of your decision about lowering my interest rate and eliminating my annual fee. (Cordially describe your greetings and recommendation). I would appreciate your prompt attention to my requests. Thank you for attending to this matter.
Sincerely,
Signature…
Your Printed Name…
