1. Compare the different interest rates of the different cards and make sure your card has the best rate. If you find a card with a better rate, let your credit company know that you want to cancel your credit card and that you intend to apply for a card with much lower rates.

2. In case you are a valuable customer of the credit company, ask them to reduce the annual charge of your interest rate. The annual charge is the amount of money you pay per year on top of the interest rate. Tell your credit company to reduce this charge to the minimum or even eliminate it all together. Let them know that you have a better offer and that you plan to close your account unless they reduce this charge. If your card is in collaboration with airlines or hotels, skip this step.

3. You can compare the interest rates of the different cards online on a website that offers this kind of information. Certain offers provide a period of time in which you are not charged for using the card. If this is the case be sure to ask when you will need to make the first interest rate payment and make sure you fully understand how the company calculates the annual fee is.

4. Take a balance transfer from your old credit card to your new card. Ask for the rates for such transfers as sometimes the may be higher then you except.

5. Take into consideration that certain cards may have many benefits such as airline miles but in return charge higher then normal annual fees. Make sure you need the benefits these cards offer before you apply for them,

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