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If your credit card issuer said no, you still have options. Here’s why your request may have been denied and what you can do next, from asking about a hardship program to trying again later or transferring your balance to a card with a lower rate.
Denied a credit card rate decrease? What to do
- Why your request might have been denied
- Ask about a hardship program instead
- Try again in 3 to 6 months
- Work with a nonprofit credit counselor
- Consider a balance transfer card
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LEARN MOREWhy your request might have been denied
Credit card issuers don't publish exact criteria for who gets a lower rate and who doesn't, but these could be contributing factors:
- Your credit score has dropped or was already low to begin with: Issuers use your credit profile to gauge risk, and a lower score makes them less likely to budge on your rate.
- You've missed or made late payments recently: Even one or two late payments in the past year can signal risk to an issuer, regardless of how long you've had the card.
- Your account is relatively new: Issuers often want to see a longer track record of on-time payments before they're willing to negotiate.
- You're carrying a high balance relative to your credit limit: A high utilization ratio can work against you, since it suggests you're more financially stretched.
Ask about a hardship program instead
If you get rejected for a rate reduction, it's worth asking specifically about a credit card hardship program instead. These differ from a standard rate negotiation call because issuers typically reserve them for cardholders who can show genuine financial difficulty, like a job loss, medical issue or another unexpected setback.
Hardship programs can include:
- A temporary reduced interest rate, often for a set period like 6 to 12 months.
- Waived or reduced minimum payments while you get back on your feet.
- Paused late fees or paused penalty APRs during the hardship period.
- A structured repayment plan worked out directly with the issuer.
Keep in mind that a hardship program can affect your credit card's terms, such as a reduced credit limit or account restrictions that may not lift automatically when the program ends, so be sure to ask upfront what changes and what happens when it's over.
Try again in 3 to 6 months
A denial today isn't permanent. Issuers periodically reassess accounts, so if your request gets turned down, it's worth circling back in 3 to 6 months instead of assuming the door is closed for good.
In the meantime, focus on the factors most likely to change the outcome next time, like paying on time every month, paying down your balance to lower your utilization and letting your account age a bit longer if it's still relatively new. Those small improvements in your credit profile can shift you from a "no" to a "yes" on the next call.
Work with a nonprofit credit counselor
If you've been denied more than once or your debt feels bigger than a single phone call can fix, a nonprofit credit counselor can step in and negotiate on your behalf. Counselors from organizations like the National Foundation for Credit Counseling (NFCC) or Money Management International (MMI) often have established relationships with issuers and can secure lower rates as part of a broader debt management plan, sometimes gaining further traction than an individual cardholder can calling alone.
According to InCharge Debt Solutions, its debt management program can reduce clients’ credit card interest rates to an average of 8.4%. The company says clients save an average of $75 to $300 per month and can pay up to 50% less than they would by making minimum payments on their own.
InCharge Debt Solutions
Learn MoreHighlights
In addition to positive user reviews and accreditation by the National Foundation for Credit Counseling, InCharge holds an A+ rating from the Better Business Bureau and is approved by the U.S. Department of Housing and Urban Development (HUD) to provide housing counseling.
Minimum debt
$0
Fees
Average setup fee is $52 and monthly fee is $34, though rates can vary by state
Availability
Operates in all 50 U.S. states and Washington, D.C.
Pros
- Reports clients save between $75 and $300 per month.
- Gets credit card interest rates down to an average of 8%.
- Overwhelmingly positive feedback on Trustpilot.
Cons
- Specializes in credit card debt.
- No mobile app.
Money Management International
Learn MoreHighlights
The largest nonprofit credit counseling organization in the U.S., MMI delivers both debt management and debt settlement plans, with online financial education tools and 30 branch offices.
Minimum debt
$0 ($2,000 for debt settlement plans)
Fees
Initial set-up fee ($33-$75) and ongoing monthly fee ($25-$69). Fees vary based on state and debt amount.
Availability
Operates in all 50 U.S. states and Washington, D.C.
Pros
- Offer credit counseling and debt relief.
- Debt management plans available nationwide.
- High success rate in reducing interest rates.
- A+ rating from the Better Business Bureau and overwhelmingly positive reviews.
Cons
- Initial setup fee and monthly subscription.
- Debt relief programs not available in all states.
- Clients must close any enrolled credit cards.
To find a legitimate credit counselor, stick to nonprofit organizations accredited by the NFCC or the Financial Counseling Association of America (FCAA) and be wary of any company that asks for upfront fees before doing any work. That's a common red flag for less reputable debt relief operations.
Consider a balance transfer card
If you've tried negotiating, asked about hardship options and your rate still isn't budging, moving your balance to a 0% APRbalance transfer credit card may accomplish what a rate reduction alone can't. This can be especially helpful if you have a large balance and even a few percentage points off your APR wouldn't meaningfully speed up your payoff. Balance transfer cards let you move an existing balance to a new card with a 0% introductory APR for a set period, allowing more of your payments go toward the principal rather than interest. They typically charge a one-time fee of 3% to 5% of the amount transferred.
If you want the longest runway to pay it down, the Wells Fargo Reflect® Card offers a 0% intro APR for 21 months on qualifying transfers made within 120 days of account opening, one of the longest introductory periods available, followed by a variable 17.74%, 24.24% or 28.49% APR, with a 5% balance transfer fee (minimum $5). If you'd rather earn rewards while you pay down debt, the Citi Double Cash® Card offers a 0% intro APR for 18 months on transfers completed within four months of account opening (then a variable 18.49% to 28.74% APR applies), plus cash back as Citi ThankYou® Points with access to Citi's travel partners; its balance transfer fee starts at 3% (minimum $5) before rising to 5%.
Wells Fargo Reflect® Card
CNBC Select Rating4.3Learn MoreOn Wells Fargo's site
CNBC Select Rating4.3Learn MoreOn Wells Fargo's site
Spotlight
This card offers one of the longest introductory APR periods for purchases and qualifying balance transfers.
Credit scoreRegular APR17.74%, 24.24%, or 28.49% Variable APR
Annual fee$0
Welcome bonusNone
Terms apply.
Our expert take
The Wells Fargo Reflect® Card is one of the absolute best cards you can apply for if you want to save on interest and pay down debit quickly thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
Pros & cons
- Incredible intro-APR for purchases and qualifying balance transfers
- No annual fee
- Cell phone insurance: up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible
- No rewards
- No welcome bonus
- High balance transfer fee
More details
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.74%, 24.24%, or 28.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
Citi Double Cash® Card
CNBC Select Rating5.0Learn MoreOn Citi's site
CNBC Select Rating5.0Learn MoreOn Citi's site
Spotlight
Receive an intro APR for 18 months on balance transfers and earn at least 2% cash back on every purchase.
Credit scoreRegular APR18.49% - 28.74% variable
Annual fee$0
Welcome bonusEarn $200 cash back
See rates and fees, terms apply.
Read our Citi Double Cash® Card review.
Our expert take
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
Pros & cons
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
More details
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% - 28.74%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
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