If you have a credit card, you’re probably carrying a balance.

And since you’re carrying a balance, you’re paying interest. The interest rate is a necessary evil that comes with having a credit card and not being able to pay it off every month.

This is something that we, as customers, accept as ordinary. BUT, you can ask for a lower interest rate. However, there is a proper way to go about asking them to lower your rate.

Step 1: Fortify Your Position

Check your credit report and make sure you are current on ALL payments. Late payments will be detrimental to your request, so this is important. Have this information ready in case you need it when you contact the credit card issuer to negotiate a lower interest rate.

Make a note of how long you have been a customer and how positive your history is with that particular company.

Step 2: Call the Credit Card Company

On the back of your credit card there should be a customer service number. Write it down and call them. Say something like, “I have been a customer for some time now and my rate is a little high. Can you help me with that?”

You don’t want to threaten them with going to another card issuer or tell them you are in financial trouble, even if you are.

Remind them of exactly how long you have been their customer and tell them you have a positive payment history and that you feel you deserve a lower interest rate. This should suffice with most customer service reps.

Now they might offer you a balance transfer option with a significantly lower introductory rate. Only accept this if you intend or are able to pay that balance off soon.

Ask what the permanent fixed rate will be AFTER the introductory period. Usually, this is much higher and could actually be higher than what you have now, so be careful.

What you are looking for is a fixed rate close to the current prime lending rate. Right now, that’s around 8%. Some companies may not offer a rate that low, so if you can lower your interest rate to the 9% or 10% range, that should be a good switch. The key here is to keep your rate fixed, not variable.

Step 3: Don’t Bluff

You may get a tough CS rep that won’t budge. In this case, you can get tough right back, but do not try to bluff them by saying you have a card offer at a lower interest rate and if they don’t cooperate, you’ll cancel their card and take the other one. That is unless you actually DO have a better offer on the table.

If you can’t get anywhere with the customer service rep, ask for a manager. This will show that you are honestly seeking a lower rate and not just bullying. You may end up with a better deal after all.