Just Ask

This sounds too simple to work, but it does: call your credit card company and ask for a lower rate. A survey by CreditCards.com found that 76% of people who asked for a lower interest rate got one. The average reduction saved them hundreds of dollars per year. Yet most people never make the call.

Here's a script that works: "Hi, I've been a customer for [X years] and I have a good payment history. I've received offers from other cards with lower rates. I'd like to stay, but I need my rate reduced." Be polite, be specific, and be willing to speak to a retention specialist.