If you carry a balance from month to month, the interest on your card may be one of the most expensive bills you have, even though it never shows up as a separate line item. Many cardholders do not realize they can simply ask the issuer to lower their rate.

Your odds tend to be better if you have a history of on-time payments and have been a customer for a while. Call the number on the back of your card, explain that you have been a reliable customer, and ask whether they can reduce your rate. If they say no, ask whether any hardship options or temporary rate reductions are available.

Even a modest reduction can help, but it works best alongside a plan to pay the balance down. While you are on the phone, you can also ask about waiving an annual fee or a recent late fee. Be cautious about any offer that requires opening a new account, and read the terms before agreeing to anything.