You have just realized that your credit card company is charging you a hefty 20% interest on your charges! That is way off as compared to the 11% to 15% rates that you see online. When it comes to credit cards, a 5% difference in interest rates can mean a lot especially if you have balances rolled over to the following months. Is there any way you can obtain a better rate without switching credit cards?

The answer is yes. The first thing you should do is to run a check on your credit report. As you are entitled to one free credit report each year, this is a good opportunity for you to dig out any discrepancies that the credit bureau may have on your credit history. In the event that there are errors in your report, you should get them sorted out as soon as you can.

If your credit report looks great, this means that you are of a low credit risk to your credit card company. This is essential as your risk level should correspond with the interest rate applicable to your credit card charges. Thus, a lower risk means a lower interest rate. Armed with the details of your credit report, call your credit card company and ask them to reduce your interest rates. Give them valid reasons supporting your claim, coupled with information on attractive rates from their competitors.

Your credit card company should be open to listen to you and your reasons. The least they should do is to tell you that they will get their management team to evaluate your case. Perhaps your credit history was not as favorable as it is now at the point when you applied for your credit card. That could very well be the reason for the high interest rates.

If your credit card company still refuses to budge after negotiations, perhaps its time that you consider a switch to your credit card. There are many credit cards in the market that offer balance transfers at low or no cost. What's more, they are willing to lower their interest rates or even go on a 0% APR for an introductory period. As their goal is to make you their customer, they are willing to go the extra mile to switch you to their side. Perhaps this is something that your current credit card company is unwilling to do.