How to Negotiate Credit Card Interest Rates in Australia

Paying 19% interest on your credit card? You’re not alone. But here’s the secret most Australians don’t know: credit card interest rates are negotiable. With the right approach, you could reduce your rate and save hundreds — even thousands — of dollars per year.

Why Negotiation Works

Credit card providers don’t want to lose good customers. If you have a strong repayment history and a good credit score, they’ll often offer better rates to keep your business — especially in 2025’s competitive lending market.

When to Negotiate

• You’ve had the card for over 12 months
• You’ve never missed a payment
• Your credit score has improved
• You’ve found lower rates elsewhere

How to Prepare

1. Check your credit score via Equifax or Experian
2. Research competitors' rates (e.g., 8.99%–13.99%)
3. Know your current rate and your card usage
4. Plan your call script (see below)

Sample Script

“Hi, I’ve been a long-term customer and have always paid on time. I’ve noticed other providers offering lower interest rates. Can you offer a better rate or I may consider switching?”

What If They Say No?

• Ask for a balance transfer offer instead
• Request a retention team or supervisor
• Politely say you’ll consider other options — and follow through if needed

Extra Tip: Consider a 0% Balance Transfer

If your provider refuses to budge, look at cards offering 0% balance transfers for 12–24 months. Just remember to repay before the promo period ends.

Disclaimer: This article is for general information only. Always review product terms before switching or negotiating.