Yesterday I was activating my new AMEX card and the person asked if I could use help with anything else. I said "You can lower my interest rate." Instead of hearing a laugh, I heard "Let me transfer you to customer service."

I few seconds later the CS lady asked what she could do for me. I again said "You can lower my interest rate." Still, no laughing at me, but instead "Hold on one second, let me see what I can do." A few seconds later she offered me a lower rate. Then, she asked if that would be good for me. I said, "Can you do any better?" and got another "Hold one what second, let me see what I can do" and was offered an even lower rate.

Somewhat surprised, I asked if there was any better, and she said that was the best. As it turns out, you CAN get a lower rate just by calling and asking. A CC company "rewards" you periodically by allowing you to borrow more money, but they never seem to send you a "We've lowered your interest rate!" mailing.

I'd suggest trying this with all CCs. And, don't take the first offer, ask if they can do better. After talking with the CS lady, they offer you something "better", but not the "best" at first. Kind of like if you ask to borrow money from me, and I say I can lend you $1. But, if you ask if I can do better, I'll offer you $5. I won't give you $5 right off the bat.

In either case, I lowered my interest rate by about 6%.