After doing a little more reseach on this, the major Canadian Banks don't like to reduce their credit card interest rates. They're pretty rigid.

Most banks do have lower interest rate credit cards as I'm finding out.
You have to switch over your credit card to the lower rate cards.

Capital One has lower interest rate cards, however, you need a pretty high credit score.
http://www.canadian-money-advisor.ca/capital-one-canada.html

Hi Miranda,

I was just using my NEW Member Search feature and came across your post!

If your credit score is 785 you should simply call up your credit card company and ask them to lower your rate.

The best time to get your rate lowered is when your card is up for renewal. This means that the credit card company has seen your good credit habits for a while and will then be much more willing to but your interest rates.

I have a Bank of Montreal Mosaic card. It has an interest rate of 18.5%. My credit score is 785. Is there a way that I can get a lower interest rate. I have demonstrated that I am a good credit risk over the last 5 years. I have paid my bills with NO late payments ever. I think that I should be able to get a lower interest rate with Bank of Montreal.

I read Monty Loree's post that he was able to get his interest rate lowered from 19.99% to 9.99% on one of his credit cards. I was interested to know how he did that.

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