With an extremely competitive credit market, more and more options are becoming available to customers. This can provide an excellent opportunity for credit card holders to lower their current interest rates. It is possible to reduce your interest rate with proper bargaining and negotiation. Credit card companies want to keep their customers, and some are willing to lower their rates – if they believe you will switch to the competition.
There are several factors that determine your eligibility for lower interest rates. Most credit companies are more willing to approve negotiations if the card holder meets the following criteria:
1) Good credit standing — this means that you are prompt with payments and have no record of delinquencies.
2) Customer pays the entire amount or much more than the minimum monthly bill.
3) Excellent payment history with the same creditor.
4) Credit card is not a secured credit card or one intended for those with poor credit record.
5) Customer does not carry a large balance.
If you believe you meet these criteria, lowering your credit card interest rates might be easier than you think.
So how can it be done?
First, you need to have a sound basis as to why the credit company would want to lower your present rate. One of the best reasons is a lower interest rate offered by a rival credit company. But before calling your credit company make sure that you are eligible for such a negotiation.
Make a list of different credit card offers usually available online. (bring them up in your conversation)
Phone calls are effective if you have a well thought out speech. Open the conversation by discussing your current credit rate. Then, compare it with a better offer from a different 
company. Top it off with a deal asking them to lower the rate. Some credit card holders want to make the negotiation straightforward.
Ask the credit card agent to lower your rate, based on your merits, and then tell them you are considering opening a new account with another company.
You can get them to approve your proposed deal if you show confidence and a good payment history to back it up.
