• If you carry a balance on a credit card with a high interest rate, you could be paying significantly more than you have to. While the ideal situation is to pay off your credit card balance, for many card users this is not an option. If you want to avoid paying the costs associated with carrying a balance on a high-interest card, but can't scrounge up the money to pay off your debt, consider some simple ways in which you can reduce your interest rate and keep more money in your pocket.
  
  

Request an Interest Rate Reduction

• While some credit card companies are not flexible, many will work with their customers to keep them happy. Before going to more extreme measures, try simply requesting a credit card rate reduction. By calling the customer service division of your credit card company and asking them to reduce your rate by several points, you may be able to get your interest rate into a more reasonable range without much hassle or argument.
  
  

Mention Introductory Rates

• Credit card companies that are unwilling to lower your rate based only upon your request may be persuaded if you mention some introductory rates that you have seen offered by other credit card companies. While your current company likely won't match these tempting teaser rates, in eagerness not to lose your business and your money they may cut a few points from your rate to appease you.
  
  

Threaten Card Closure

• Credit card companies that remain unwavering may finally give in to your request if you threaten to close your account and move your money to another company. If you opt to make this threat, do so in a calm and non-confrontational manner to ensure you do not come off as angry. Simply tell your lender you are going to seek another company that can offer you a rate that is several points lower. You may want to avoid making this threat if you know that you will not be approved for another credit card or if you have no intention of following through with it, as it could weaken your bargaining power in the future.
  
  

Transfer Balances to a Lower-Rate Card

• If your current lender absolutely refuses to lower your rate no matter what enticement you place in front of him or threat you levy, move your money. If you can transfer your debt to a card with a lower interest rate, you can save yourself large amounts of money in the long run. While this practice is good for temporarily lowering your rates while you work to pay down your debt, you should avoid continually transferring balances as doing so can reflect poorly on your credit.