Would you like some good news about credit cards? Then you've come to the right place.

Competition is getting fierce among issuers of plastic, which opens up the door for consumers if you have a history of paying on time and you haven't maxed out your cards.

Your credit card issuer won't send a letter telling you they might give you a lower interest rate, but they will. That could mean 1000's of dollars in savings for you.

Before you call and ask though, get a copy of your credit report to be sure there are no surprises lurking there. And don't make late payments on another card. That would open up the door to higher rates, no lower.

The odds are in your favor. It's estimated that 75% of people requesting lower interest rates get them. If you have good credit, your card issuer really can't say no and risk losing you altogether.

When you call, be polite, stay calm and make your case. Why pay 16.6% if you can cut the rate to 10.8%?