If you are saddled with a credit card for bad credit, you are probably paying sky high interest rates. You are probably resigned to carrying high interest rates for a long time, too, because waiting for your credit card issuer to lower your rates is the only way to get a lower rate... or is it? Across the United States, people have found that there is a faster, better way to improve their credit card terms: Just ask.

The method people have found to be most effective is to dial your credit card issuers customer service line and tell the representative that you have a better offer in hand from another company and are considering switching. You may be sent to another customer service representative who specializes in convincing customers to stay, or you may remain with the representative who took your call. Either way, when you are speaking with someone who can change your interest rate, lay out your case politely and calmly and be prepared to negotiate. If you cannot come to an agreement on your first call, thank the representative, end the call, and call back another day, when you may get someone who is more willing to help you. (Although customer service representatives are required to follow regulations, they have some leeway in how far they are willing to go for a given customer.)

Credit card customers who used this method found that more than half the time they were able to get a reduction in their credit card interest rates, and the average reduction was 5 to 6 percent. Some were able to get their interest rates halved. That is a significant reduction and remarkable savings, especially when you have an interest rate as high as the rates typical for a credit card for bad credit.

Your credit rating and the length of time you have been with your credit card issuer will be two of the most important factors in determining whether you will be able to get a rate reduction. If you have bad credit, focus on how long you have been a customer, how regularly you have paid your bills on time, and the comparatively small percentage of your credit line you are using, since all of these are also factors in whether your credit card issuer is willing to give you a break in your interest rate.

So call to ask your issuer to lower your interest rate, and be friendly but persistent. You have an excellent chance of convincing them to lower your interest rate significantly. This method works whether you have a regular credit card or a credit card for bad credit, and the best part is that if your credit card company turns you down, there are no negative repercussions. Whats stopping you from trying today? Your interest rate can only get better.