If you use your credit card and pay you minimum balance or more consistently, you should be considered a valued customer. The credit card company’s ideal customer is someone who both spends money on their credit card AND pays the money back consistently.

1.) If you meet those criteria you can call them up and request a lower rate.

Often they will comply especially if you mention that you are considering a change to a different credit card company. If you decide that your interest rates are too high, you could directly ask the creditors to lower you interest rates. Your creditors will only be willing to do this if you have a good history with them and have demonstrated financial strength. This requires that you not have made late or missed payments and have paid more than the minimum balance due.

2.) Paid off as much of our debt as You could

3.) Worked to increase You credit score

My credit score wasn’t horrible. It was at 900 when I first started my debt reduction journey last year. While the biggest negative factor with my score was the fact I had so much credit utilized, I still made sure that all of my bills were paid on time and I didn’t close any credit lines. Paying bills late and closing credit lines can bring down your score.

4.) Took advantage of balance transfer offers

Every balance transfer that arrived in the mail was carefully scrutinized. How much is the interest rate? How long does the rate last? How much is the balance transfer fee? After getting those key pieces of information, I compared that offer to my current situation. If the balance transfer fee wasn’t too high and the offer lasted long enough (for me it was 6 months), I would shift my debt from card to card.

5.) Looked around for other ways to decrease your interest rates

Since I was blogging and learning about finances, I heard about Prosper.com. It’s a site where everyday people go to lend and borrow money. With the guidance of another blogger, I decided to list a loan on Prosper to see what happened. At this point, all of my debt was under 9.9% except for $3,500 sitting at 13%. I placed a listing for $3,500 and a week later I had a Prosper loan at a 9.9% interest rate. All of my debt was now under 10%.

And that is where my debt stands today. All of it is under 10% and a majority of the debt is at 5.9% and 0%. Jim did a rough calculation and figured out that I’m “only paying around 5% in interest to service $25,000 in essentially unsecured debt.”

6.) If you credit card debt is causing you to struggle financially to the point of hardship, you may want to claim a hardship with the credit card company. Explain the situation to them thoroughly and they may be able to help. Remember that if you file for bankruptcy, no one wins so you should definitely ask. They may be able to offer a lower rate or a reduced monthly payment for a short term.

7.) Transfer available balances from Low APR to High APR credit cards and Pay off High APR cards first.

The above strategy Concerned on How to Reduce Credit Card Interest Rates Lower Than Normal, hope it useful for you.

Best regards!