Consumers are no longer limited to applying for new, low APR credit cards. They may be able to cut their current rates instead. According to U.S. PIRG, over half of consumers who asked issuers for rate decreases during 2002 succeeded in acquiring a lower APR. In fact, consumers averaged rates that were two-thirds of their initial APRs, making a significant impact on monthly payments and accrued finance charges. More...

How to Get a Low APR Credit Card

You may achieve a lower APR if you:

1. Shop around online, comparing account rates and introductory offers
2. Transfer high-interest balances to a new card with a lower rate
3. Make a phone call to credit issuers, indicating an intention to leave the companies if they will not offer you lower APRs
4. Ask to speak with a supervisor if the customer-service representative does not comply with a request for a lower rate
5. Make all payments on time, as financial companies are more likely to comply with rate drops if the cardholder's account is in good standing

Howard Strong, in his book What Every Credit cardholder Needs to Know, urges cardholders to fight to protect their rights as consumers and Mastercard, Visa, AMEX or Discover owners. According to Strong, "It costs (card issuers) a couple hundred bucks to acquire a new customer, and it's not so easy anymore."

CreditCardApplications.comprovides low APR seekers the chance to compare zero-percent introductory offers,low lifetime rates and bonus rewards programs. The website allows consumers to evaluate credit card accounts by issuer or account category, and then guides them through a simple, online application process.