How to Lower Bank of America Credit Card Interest Rates

Bank of America (BOA) was the world's top credit card issuer as of 2009, with over $194 billion in outstanding balances in the United States, the United Kingdom, Ireland, Canada and Spain, according to the Nilson Report, a financial data newsletter. Some of its cardholders could save money by asking for lower interest rates on their accounts. The BCS Alliance debt management website explains that not every request is granted, but good customers stand a decent chance of getting their rates dropped.

• 1

  Prepare a list of reasons for BOA to give you a lower credit card interest rate. The bank is more likely to agree to a rate cut if you are a long-term customer who pays above the minimum requirement and does not make late payments or exceed the credit limit, according to BCS Alliance. You also give BOA incentive to retain you if you find competing offers with better terms that could lure you away.

• 2

  Call the BOA customer service department. BOA credit cards have the telephone number on the back and you can also find it on your statements and the bank website. Navigate through the automated menu to get a live agent. The Get Human online phone directory advises that you can reach an agent directly by calling 800-824-5895.

• 3

  Ask if the BOA telephone agent has the authority to handle interest rate reduction requests. You may need to be transferred to another department, so do not give details until you know you are speaking to the correct person.

• 4

  Request a lower credit card interest rate and lay out your reasons. Lucy Lazarony, of the Bankrate consumer finance website, recommends keeping your pitch short and simple. Emphasize your good past history with BOA and explain that you want to keep your business there but that you are tempted by competing offers.

• 5

  Call BOA back in a few months if the bank refuses to lower your credit card interest rate. Howard Strong, writer of the book "What Every Credit Card User Needs to Know," advises being persistent. He also recommends asking for a supervisor if you keep getting turned down by the agents.