The customer is always right – except that it may not seem that way when it comes to credit cards. But even though you may feel like you have no bargaining power with your credit card company, you actually do. Well, sort of.

If you’re a longstanding customer, say a few years, with a good track record of always paying your bill on time and a good credit score to boot, you probably have more negotiating power than you think.

You may think this sounds crazy, but you can call up your credit card issuer and ask for a lower interest rate. Gasp!! What??! Well, what’s the worst that could happen? They could say no. But then, they could also say yes. And that’s the jackpot you’re looking for.

See, credit card companies compete fiercely for customers. In fact, if you’re like me you probably get four or five offers in the mail each week from a different card company. Have you ever looked at these offers and noticed they are pitching you a lower interest rate than you have with your current card? Yes? Well then, that’s a perfect starting point for your phone call.

Gather up those offers and take note of any with a lower rate offer. Find your card’s toll-free customer service number and get ready. Wait! Don’t know what to say? It can be a little awkward at first – especially if by nature you are not the bargaining type. That’s why we pulled together a script for you to practice with and get ideas of how the call may go.

You can find that script at this link: “How To Get a Lower Interest Rate.”

Give it a try and let us know if it works. Or, let us know what worked for you in the comments below.

This blog entry was featured in Personal Finance Fourth Edition.