Credit card companies are more willing to reduce your credit card rate by a few percentage points than you think. All it takes is to ask the right question -- according to this WSJ report, more than 75% of such requests are accepted.

eightened competition in the credit-card industry is giving card holders greater muscle to negotiate lower rates. While most credit-card companies say little publicly about their willingness to negotiate sweeter deals, some are agreeing to cut interest rates by several percentage points for their best customers. That can add up to thousands of dollars in savings over a year.

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About a third of credit-card users have pressed for a lower interest rate, according to a September survey by Synergistics Research Corp. More than 75% of those who asked to pay less said they got their rate reduced. "Card issuers have few choices. They either agree to lower rates or lose relationships," says Genie Driskill, chief operating officer of the Atlanta research firm.

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At Bank of America, cardholders who call seeking a lower rate or threatening to bolt are quickly transferred to retention specialists, who are trained in what the bank calls "judgmental lending," empowering them to consider more than credit scores and payment records. For example, a higher interest rate triggered by a forgotten payment -- not financial problems -- might be lowered.

"It's critically important to talk to these customers," says Matt Schlitz, head of customer retention for Bank of America's card-services business, adding that cardholders have become "much more savvy" about using their leverage.