• You may be able to get a lower interest rate on your credit card.credit card image by jimcox40 from Fotolia.com
  
  A 2009 study by the FINRA Investor Education Foundation found that 51 percent of American consumers had carried a credit card balance and paid interest on it in the preceding 12 months. The average credit card interest rate was 14.67 percent as of February, 2010, according to the Federal Reserve. You may be able to lower your rate if you call your bank and make a convincing request.
  
  

Customer History

• You can often get your interest rate lowered if you've had your credit card for a long time and have always been a good customer, according to the BCS Alliance debt reduction website. The bank will wait to retain your business if you send your payments on time and usually maintain a balance because that makes you a profitable customer. Call the customer service telephone number on your credit card, ask for a rate reduction and explain that you have an excellent history. Ask the bank if it is willing to reward one of its best customers. Speak with a supervisor if the agent is not able to give you a lower rate, advises Lisa Lazarony of the Bankrate financial site.
  
  

Competitive Offers

• Your bank may be willing to lower your credit card interest rate if you are getting better offers from its competitors. Watch your mailbox for pre-approved card offers with special introductory rates and low fixed rates once the promotional period ends. Check credit card websites that let you search for low interest cards and compare them to your current accounts. Call you credit card's customer service department and explain that you've gotten better offers, recommends Lazarony. State that you want to keep your account and hope your bank can match those offers.
  
  

Balance Transfers

• You can lower your interest rate yourself by transferring your balance to a different credit card if your bank refuses to give you a better rate. You may already have a card with a lower rate. Check your credit limit to see if you can transfer the entire balance from the high rate card. If not, call the issuer and ask for a credit line increase. Transfer the balance and keep the other account open with a zero balance because you will hurt your credit score if you close it. Radio host Clark Howard recommends making occasional small charges and paying them off immediately to keep the high interest account active on your credit report.
  
  

Close Your Account

• Banks sometimes lower your interest rate to retain your business if you call them to close your credit card account. The customer service agent transfers you to a retention specialist who has the power to make special offers. If you use this strategy, you must be willing to actually close your account if your bank does not offer you a better rate.