How to Get Chase Credit Card to Reduce Interest Payments

Contact Chase to have a credit card's interest rate reduced.

The Credit Card Act of 2009 protects consumers by limiting the amount of interest a credit card issuer can charge to an existing account. Customers who are paying high interest charges are able to receive interest rate reductions. Chase credit card customers receive periodic account reviews for credit line increases and interest rate reductions. However, the best way to increase the chances of having the interest rate on a Chase credit card reduced is to contact Chase directly.

Things You'll Need

• Chase credit card statement
• Credit card or loan offers

Instructions

1. Make a minimum of six consecutive on-time payments. Chase credit card accounts with a history of timely payments have a better chance of receiving an interest rate reduction. When using the Chase credit card, avoid making purchases that will push the balance over the limit.

2. Review a copy of your most recent credit card statement. Write down or circle your current interest rate, the date your next payment is due and your account number. You will need this information when talking to the Chase customer service representative.

3. Find any recent credit card or loan offers that have come in the mail. Focus on low-interest offers and credit cards with zero-percent-interest balance transfers. If you have recently qualified for a loan, get copies of your loan agreement.

4. Call Chase customer service and ask to speak with an account representative who has the authority to reduce interest payments. Ask for an interest rate reduction and reference your positive repayment history. Reference recent credit card or loan offers and ask for an interest rate that is comparable to rates being offered by other companies.

5. Wait for the lower interest rate to go into effect. It may take up to 45 days for the lower interest rate to be reflected on your account. Ask the account representative what day the change will go into effect and check your credit card statement to find out if your next payment is due before the change takes place.

References

• CreditCards.com; Credit card reform law interest rate reductions kick in -- for some; Connie Prater
• The Simple Dollar: A Step-by-Step Guide to Getting Your Credit Card Interest Rates Reduced; Trent: March 2009
• CreditCardAdvice.com: Request an Interest Rate Reduction

Resources

• Chase: Contact Chase Member Services