CreditCard.com reports that in 2009, consumers paid 13.9 percent of their disposable income to service credit card debt. Consumers are now exploring ways to get the most out of the income they do receive. One way consumers can lower their accumulating credit card balance is requesting a lower interest rate on their credit card.

Research Current Rates

Check your current credit card statement to see how much interest you currently pay. Then, check your credit card company's website or promotional materials to see if it advertises a lower rate. Companies entice new customers by announcing rates normally reserved for new consumers with good credit rating or long term cardholders with good payment records. Investigate rates from other credit card companies and banks as well.

Analyze Your Own Credit

Prior to calling your credit card company's customer service number, review your credit card statements. What type of customer are you? How long have you carried their credit card? Do you make minimum payments? Do you exceed your credit limit? How consistent is your payment history? What is your credit report score?

Make The Call

Write a script before you call. The U.S. Public Interest Research Group gave 50 consumers a script for requesting lower credit card interest rates. Twenty-eight cardholders received an average of a five point drop from their current rate. Introduce yourself and give your company the strongest reason for granting your request. For example: "Hello, my name is (insert your name). I have used your credit card for 12 years. I noticed you are advertising to new customers a lower rate. I would like to receive the same rate." If the first person denies your request, ask to speak to a supervisor. If the supervisor denies your request, try again in a few months. BankRate.com says persistence is the key to receiving lower interest rates.

Additional Tips

Credit Card companies deny requests for the following reasons: 1) Making only minimum monthly payments on the balance 2) Exceeding the credit limit 3) Missing payments 4) Low credit report scores If your history with the credit card company includes the above, spend the next six months to a year paying off small loans and credit balances, stay within your credit limit and send in monthly payments larger than the minimum balance.

Source:

BankRate.com

CreditCard.com

BSC Alliance.com

More Information:

Federal Trade Commission: Free Credit Report

Consumer Reports.org