Why do you need to reduce your interest rates? The primary reason is because you are paying too much and you want to reduce your overall debt or just plain get rid of that credit card. Another reason may be that you are looking to make a large purchase that will take several months to pay off and you don't want to pay all the extra debt. Here are the steps that need to be taken in order to lower your credit card interest rates.

1. We have all seen the 0% on balance transfer offers. These can be beneficial, but beware. If you will have available funds within a relatively short amount of time, you may consider a balance transfer to another credit card which offers 0% interest or other benefits for transferring your debt. You need to be leery of these offers as they usually will jump to astronomical rates after the term has lapsed. You have to be prepared to pay the card off and cancel it by the end of the term or you will have gotten yourself into another high interest contract.

2. How about considering a locked rate credit card? It is exactly what it sounds like. The rate for a specific charge is locked in and can never change. If you negotiate a good rate, that can be helpful. Just remember that credit card companies pay off the lowest rate debt first so this is only beneficial if you larger purchases are made at a lower rate. The cards are not as beneficial as they seem at first, but they can be a viable option. Just don't pay extra for these types of agreements as it will cost you more in the long run.

3. There are benefits for valued customers. Use your credit card regularly and consistently pay the minimum balance and you will be considered a valued customer. The credit card company's ideal customer is someone who spends money on their credit card and also pays the money back consistently. If you meet the criteria then you can call them and request a lower interest rate. Often they will comply especially if you mention that you are considering changing to another different credit card company.

4. Claiming financial hardship: If your credit card debt is causing you to struggle financially to the point of hardship, you may want to claim a hardship with the credit card company. Explain the situation to them thoroughly and they may be able to help. Remember that if you file for bankruptcy, no one wins so you should definitely ask. They may be able to offer a lower rate or a reduced monthly payment for a short term.