It can work for store credit cards as well, but it depends on your history with them.

I didn't know that this was an option either. Will this work with store cards too or just more mainstream credit cards? I only have one card that is over 20% and that is my Home Depot Card. It would be very helpful to have the APR dropped on this one.

It would depend on your credit history, but I would ask for at least a 5% rate reduction.

Thanks for your insight, Frank! I have some cards that are over 20% and it would be nice if they came down. What type of decrease is normal to expect (or hope for)?

I usually go with I am inquiring on several other credit cards with other rates, and wanted to see if you could match that rate. Always threaten to take your business elsewhere, and I have found that works often.

I have also just called and told them directly, I am current on my payments, I have been a good customer, and I have never missed a payment since I started this card. I just ask for an APR reduction and it has worked before.

Frank, if you're current on the payments, what would you suggest a good negotiation tactic would be? I can see how they would be hesitant to do this for customers who are paying their crazy interest rates.

I have had success calling the credit card companies. I have never seen a company do this voluntary do this. You really need to call and negotiate/pitch.

I didn't know that credit card companies actually do this. I have two cards and I carry a balance on one. I would love to have the interest rate dropped. I'm going to call customer service and see if I can make this happen.

I have never actually tried this myself, but I really should. Do credit card companies still lower the APR based on a simple request or do you have to appear to be in jeopardy of defaulting?

that was good news! a lot of nice things are happening within the credit cards company just like the Citigroup. Citigroup is improving its credit card offers by postal mail in a big way, writes the Wall Street Journal. Research firm Synovate estimates over 346 million credit card promotions will be dispersed in Q3 2011. That's more than one for every male, female and kid in the U.S., at a cost exceeding $240 million.

yeah, i am sensing that ccard companies are lowering APRs in an attempt to spur on spending for the upcoming holiday season. i recently received a notice from capitalone regarding lowering of my two accounts with them. of course the irony is that one of my capone accounts is about ten years old and i have consistently requested apr reductions for the last 5 or so years only to be denied....the only reason i haven't closed the account is because it would reduce my account age drastically.

I just received a letter from Bank of America on 9/2/11. It was to call them to request a reduction in APR. It was on an my American Diabetes Visa. They changed it from a high of 20.99% to 10.99% I was totally amazed. Never had this happen before. While I was on the phone with customer service. I asked them about my other card. If they could see if it was eligible for a reduction also. Went from 16.24% to 14.99% no to bad. It funny that the oldest account has a higher interest rate than the newer account. definitely pleased with the results!