How to Negotiate Lower Credit Card Interest Rates in Australia

Paying too much in credit card interest? You might not have to. Many Australians don't realise you can negotiate a lower rate — and it's easier than you think.

1. Know Your Current Rate

Check your latest statement or online account. Some rates can be as high as 20% or more!

2. Do Your Research

Find out what other banks are offering. Use sites like Finder or Canstar to compare.

3. Call and Ask

Be polite and prepared. Let them know you're a loyal customer — and that you're considering switching.

4. Mention Your Credit History

If you've never missed a payment, this is a strong bargaining chip. Let them know.

5. Ask for a Promotional Offer

Banks often have limited-time deals — even for existing customers, if you ask.

6. Be Ready to Walk Away

If they refuse, be prepared to balance transfer to a lower-interest competitor.

Script Example: “Hi, I’ve been a customer for 5 years and always pay on time. I’ve seen better rates elsewhere — can you offer something more competitive?”

Final Thought: One phone call could save you hundreds. Don’t overpay out of habit.

Disclaimer: This article is general in nature. Always read your terms and conditions carefully before negotiating.