If you are required, or choose, to pay more than 16% on your credit card balances, you should be interested in how to lower this rate. The reality is that this can be done in about ten to fifteen minutes. Have long distance carriers who offer all those free minutes and reduced monthly fees ever called you? Banks do the same thing. So you could lower your rate by either:

1) Transferring your balances to a new credit card that has a lower rate.
2) Tell your current issuer that you plan to switch to another institution. You'll be surprised at how quick that they offer a much lower rate.

Credit card issuers try to take one another's customers by offering lower rates. Unfortunately, this does not apply to people with bad credit history, delinquent payment history, no balance, or have a bankcard that is already paying you back. The concept of a card paying you back are those cards that are affiliated with special promotions, like Blockbuster or General Motors. A lower interest rate on these type of cards is not impossible, though, it can be significantly more difficult to obtain. For a free quote, click here. These credit card issuers counter your claim about a lower APR by stating that you are paying for their special promotion.

Follow these steps to deal with your credit card issuer in hopes of getting a lower APR:

1. Locate the customer service number (usually a 1-800 number) on the back of the card. Most cards offer 24- hour service so call at your convenience but calling at night increases your delay time waiting for a representative. ASK FOR A CREDIT SUPERVISOR. Do not speak about your business to the original representative.
2. Ask the supervisor then to review your information, in particular your current interest rate. Act very nonchalant and casual. The next statement is very important. After you respond that the interest rate is very high, ask the payoff amount. Proceed to tell him that you recently received an offer from another credit card issuer, which quoted you a significantly lower rate, BUT you like doing business with them.
3. If the supervisor doesn't give you a lower rate, they will most likely give you some sort of spiel. In this case, be more aggressive. Ask them directly if their company would be able to beat an 8% interest rate offer. The company will, in most instances, make a counter offer to you at this point.
4. If they still refuse to lower their rate, you may continue to aggressively bargain for a lower rate. At the end, if they continue to hold strong on their rate, then say "thank you and I'll be most likely switching my account. Have a good day!"

Here is an example of how much you can save by lowering your APR (with the average balance that people carry on their credit cards):

$4,800 @ 16% $768/year

$4,800@ 8% $384/year

You just saved $384 a year with a five-minute phone call!

If you are interested in getting a lower interest credit card, click here.