Now, with your account number in hand, call your credit card company (the phone number is on the back of your credit card or on your monthly statement) and say, "I'm calling about account number XYZ. I have been a good customer for (the number of years you've had your account.) I have gotten quite a few offers for credit cards with much lower interest rates than you are charging me. I would like to keep giving you my business but cannot do so unless you can lower my interest rate today."

The person on the other end of the phone will probably respond something along the lines of, "Oh, that's just an introductory rate - you'll end up paying much more when the real rate kicks in within a few months." We want you to respond by saying, "I understand that this is an introductory rate, but even after the permanent rate kicks in, their rate is still lower than what you charge me. Can you lower my rate or should I take my business elsewhere?"

Now, don't be at all nervous about making this phone call. Either your credit card company says yes or they say no - no big deal. Worst-case scenario: They say no and you still lower your interest rate by opening a new account someplace else. Is that so terrible? We don't think so! Best-case scenario: They say yes and you immediately start saving money with a lower interest rate on your balance!

Worth a five-minute phone call, wouldn't you say?

Keep yourself credit smart and debt-free by reading our other articles here.

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