You'll never have the chance of obtaining a positive response on your request if you don't know what you'll be asking for. Read the terms and conditions written on the fine print. Credit cards with variable rates may be dependent on the existing prime rate. If this is the case, you could have better chances of lowering your interest rates if the current prime rate is low.

 

8. Do the math and decide which way to go.

 

Do some calculations. If you know where to hit the target, it could be easier for you to get that request. Most people would ask a 10-point reduction at once. However, if you don't know your goal, you wouldn't know what to bargain for.

 

9. Improve your credit score.

 

Aside from maintaining a good credit standing, you can lower your interest rates by having a good credit score. The issuer is likely to look at your credit score to decide whether to lower your interest rate or deny your request.

 

10. Be smart. Know your consumer's rights.

 

If you don't know your way around, then your lenders will just have the easy way with you. The more you know about your rights, the better your chances of negotiating a better deal.

 

Bargaining for lower interest rates is not a matter of "ask and you shall receive" thing. Not everyone who asks is going to get an affirmative response on his or her request. But many will and it's worth a shot.  What's the worst that can happen?

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