Lower Rate on a Credit CardFew people use the power of negotiation when it comes to their credit card interest rates. Most simply pay the stated rate on their credit card while carrying high interest balances, never using the power of negotiation to pay less in interest charges.

Negotiating for a lower credit card rate is one of the smartest moves you can make if you carry a credit card balance. Here’s how you can get a lower rate on your credit card:

1. See where you stand – Credit card companies launch credit cards with selected interest rates that are handpicked for consumers who carry the card. Usually, each credit card has three different interest rates that one can receive when applying. If you are paying one of the two highest rates, then ask for a rate equal to one of the lower options. You can see what the company currently offers new applicants by reviewing an online credit card application for the credit cards in your wallet.

2. Consider upgrading – If your financial condition has improved since you last applied for a card, consider upgrading by asking the credit card company to roll your card into a new credit card type with the same bank or financier. This move is one of the best as it can reduce the interest you pay while increasing rewards or eliminating costs like annual fees.

3. Use competitors – Competition is fierce in the credit card business. Tell your credit card company about available offers from other credit card companies to get the lowest rate possible. Most companies will be more inclined to lower your credit card rates if another card company has already offered you a card with a lower rate.

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