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You can try to negotiate a lower credit card interest rate by calling your card issuer and asking if they can reduce your rate, offer a temporary promo rate, or put you on a lower-interest repayment option.
Some Canadian financial institutions may be able to temporarily reduce your rate, but it depends on the issuer and your account.
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Before You Call: Get Ready (5 Minutes)
Have this in front of you:
Your current interest rate (APR) and balance
Your last 2–3 payments (especially if you paid on time)
Your monthly budget number (what you can realistically pay)
A simple reason for the request (rates are high, money is tight, you want to pay it down faster)
Reminder: you only pay credit card interest if you don’t pay the full balance by the due date, and interest can keep building until it’s paid off.
What to Ask For (In This Order)
When you call the number on the back of your card, ask for one of these:
A lower purchase interest rate (a reduced APR going forward)
A temporary promotional rate (for a set number of months)
A hardship option (temporary relief, if you’re struggling)
Fee relief (like waiving a fee if one is causing the balance to grow)
Not every issuer offers all of these. But asking clearly helps.
What Helps You Get a “Yes”
These things can improve your chances:
You have a history of on-time payments
Your income is stable (if asked)
You can explain a clear payoff plan
You’re willing to move your business (politely) if they can’t help
Even if the rate change is temporary, it can still reduce interest while you pay the balance down.
If They Offer a Balance Transfer
Sometimes the best “lower rate” is moving debt to a lower-rate offer.
Before you accept, know this:
Balance transfers often come with a one-time fee
There is usually no grace period on balance transfers, so interest can start right away on that transferred amount
The low rate usually ends after a promo period
Only do it if you have a plan to pay it down before the promo ends.
If You Keep Getting Denied
Here are realistic next steps:
Call again in a few months (offers change)
Consider a non-profit credit counsellor if your payments feel unmanageable. They may ask creditors to reduce interest or fees as part of a structured plan.
Look at other ways to lower interest costs, like consolidation options, but compare the total cost carefully.