In times past, all it took to get an interest rate cut on a credit card ^[2] was asking for one. But no longer. Today when you call to ask for an interest rate reduction on your credit card ^[2], the representative on the other end of the phone call will likely have been trained to listen ^[3] for clues about your financial condition. He or she will then quickly evaluate the risk involved with giving up those interest dollars. Innocently mention a layoff or financial struggles and you can kiss that interest rate reduction goodbye.

By sticking to a planned and rehearsed script, you’ll avoid those pitfalls and you’ll also avoid setting off alarms with your card issuer.

Your first step is to know what your interest rate actually is

Begin by laying out all your cards on the table along with the most recent statement. Circle your interest rate and the company’s customer service phone number and then re-arrange those statements with the highest interest rate card on top. Write down how long you’ve had the card and note whether your rate is fixed or variable.

Then pick up the phone and get started.

After you give the necessary information so a customer service representative will speak with you about your account, launch into your script: