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How to Write a Letter Requesting for a Lower Credit Card Interest Rate

By Edited Jun 13, 2014 0 0


A sample letter requesting lower credit card interest rate can be useful if you want to write a lower rate request letter to your credit card company. In today’s competitive industry, your credit card company’s number one priority is to retain existing customers so go ahead and request for a lower rate.


We evaluate a sample letter requesting lower credit card interest rate and advise you on how to write one. If you are a credit card holder, you certainly want a better credit deal. You don’t necessarily need the best credit history; all you need to do is place a request.

Useful information for your request letter

Credit card info

Prior to writing your request for lower credit card interest rate, ensure you have the credit card company’s contact details. The credit firm’s contact details appear before the salutation on a sample letter requesting lower credit card interest rate. You may call the company first before writing your letter. Ensure your payment history is good. If possible, get a report of your credit history and attach to your lower interest rate request letter for verification.

Be knowledgeable about existing prime rate and credit offers by other market players

Prime Rate

A sample letter requesting lower credit card interest rate mentions the proposed rate that you are willing to pay. To arrive at this rate, you need to know what other firms in the industry are offering. You could get this information from credit offers sent to you through mail offering lower interest rates than what your current credit firm offers. Conduct online research if you don’t have any offers sent through mail or if you received some but disposed them off. If you have offers promoting transfers of balance, those are good too.  You also need to know the existing prime rate too. Generally, your credit card interest rate should not exceed the prime rate by more than nine percent.

Writing your request lower credit card interest rate request letter

First thing you see when you look at a sample letter requesting lower credit card interest rate is its layout in terms of margins, font size and font type. Start by choosing a font that is businesslike such as Tahoma. Font size 11 is good. Set your bottom, top and side margins at 1-inch. Without indentions, use block style to set up your letter. Between lines, use single spacing and use double spacing between paragraphs.

The first thing you put is your return address, avoid putting your name. Insert the date after your address and put a double space. Your credit firm’s contact details then follow. You may address the letter to the customer service department; put the credit card firm’s name followed by contacts.

Write a salutation. If you have the name of the person in charge of credit card rates, then put his/her name. If not, use a generic title in the salutation such as "Credit Manager" or "Dear Sir/Madam". Put the reference line after the salutation: ‘Re: Request for lower credit card interest rate on (card name) account (number)’

Your first paragraph should capture the purpose for your letter, be direct and specific. You already know your desired interest rate so state it straight away. For instance, you could start off by saying: "As a six year Visa Card holder and customer, I write to request a reduction on interest rate being charged on my credit card from the current 12% to 10%." Moving to the second paragraph, provide an explanation of your entitlement to a reduced credit rate: "As you are already aware, my Visa repayment records are faultless. I have not been late in making my monthly credit payments since I became your credit card customer six years ago." Maintain a confident but polite tone as you write this paragraph.

In your third paragraph, make reference to any supporting documents, make sure they are credible.  Do not refer to information sources if they are not credible, that will work against your efforts: "Moreover, I understand new Visa card customers are being offered the interest rate that I am requesting. I therefore believe that based on your ongoing promotional offer and my past credit record, I qualify for a reduction in interest rate."

In your fourth paragraph, communicate anything that appeals to you about the firm. You may go ahead to share the idea that you have available many credit options in a manner that is not threatening: "I am glad to say that your Visa customer service representatives have always been friendly and courteous and their helpful attitude has been constantly satisfying. Because of this, I would like to have a continued relationship in future with Visa."

Show a sense of humour in your last paragraph: "If you have any queries regarding this matter, please do call me on (your telephone number) without hesitation. I appreciate your interest to resolve this matter to my contentment and for your thoughtfulness and time." Your letter ends with a closing like: "Yours Sincerely" or "Sincerely" then put your name. Your signature comes between your name and the closing.

Next Steps

Dont forget to call

If you do not hear from your credit card firm in six weeks, call the firm to find out the status of your lower credit rate request.  Try again to get a credit rate reduction in a few months if the initial request is turned down.


Low interest rates

If you have tried getting lower credit card interest rates by phone and failed, you are not alone. Many firms will ask you to write your request as a way of ensuring that it is actually you who is forwarding the request and for purposes of protecting your privacy. Go ahead and write a convincing letter to secure a lower credit card interest rate without begging or threatening to close your credit account. At times, just taking time to write a request letter is impressive enough for the firm to lower your credit card interest rate even without reading past your first paragraph.



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