What are the best ways to lower your credit card interest rates now? Here's what some experts think.

It's not a great time to be a credit card borrower. The typical consumer now carries a card balance of $6,577, according to TransUnion. And with the average credit card rate sitting at almost 22%, that means serious interest costs can rack up fast if your revolving balance carries over from one month to the next.

If you have a credit card balance and the interest charges are compounding on what you owe, lowering your cards' rates should be top of mind. After all, the more the interest charges add up, the harder it is to break the debt cycle. But how exactly can you do that in today's high-rate market?

Find out how you can get rid of your high-rate debt for less now.

What are the best ways to lower your credit card interest rates now? Here's what some experts think.

Here are four ways experts say you can reduce your credit card rate in today's high-cost market.

Negotiate a lower rate

Sometimes, reducing your credit card rate is as simple as calling up your card issuer and asking for a lower rate. 

"It's a tool that most people completely overlook," says Kim Chambers, credit card product manager at Georgia's Own Credit Union. "The initial step is to research other interest rates with your issuer, as well as competitive interest rates in the market. Having this information to compare with your existing interest rate will be valuable in your negotiations."

You'll also want to make sure you're current on your credit card payments, as this makes card issuers more likely to work with you, Chambers says.

"There are a lot of card issuers that are willing to lower rates right now," says Chuck Czajka, a certified financial fiduciary and founder of Macro Money Concepts. "Call the customer service number on the back of your card and ask if they could work with you to lower the rate. If you have good credit, that should be no problem." 

According to Chambers, you want to ask for the "retention" department when you call. These are the team members responsible for keeping current clients around, and they'll have the most leeway to work with you. You can also ask for a supervisor to join the call as well. 

"Advocate for yourself by referencing your payment history, length of time with the issuer, credit score and other cards that you may have with them," Chambers says. "This is also where you would point out the promotional rates you have seen and that as a loyal customer, you want access to the same opportunity."

Learn more about the debt relief strategies you can use today.

Open a balance transfer card

Another option is to open a new card with a lower interest rate and then transfer your other credit card balances to the new card. These are often called balance transfer credit cards, and they usually come with very low promotional rates (sometimes even 0% ones).

While the low promotional balance transfer rates offered on these cards only last a short amount of time, they do give you a nice break from racking up interest on your balances. You can then use that time to aggressively pay down your debt without interest before your promotional rate expires. 

"A balance transfer offer is perfect if you can obtain a 0% promo for a longer period and will be able to pay off the balance during the promotional period," Chambers says.

These cards do come with initial balance transfer fees, though, so it's important to run the numbers and make sure the move will make financial sense in the long run. Most cards charge between 3% and 5% of the total transferred balance. 

Shop around for your card

If you're getting a new card to use right now, one of the best things you can do is shop around for your card. After all, rates and terms can vary between issuers and institution types. 

"From an industry standpoint, a 'good' credit card rate depends largely on the borrower's credit profile and the type of card," says Grant Gallagher, director of financial wellbeing at Affinity Federal Credit Union. "Credit union rates are generally lower than those offered by many banks and retail cards."

Having a good credit score can also help you get a lower rate when applying for a credit card. And the higher your score is, the better your new card's rate will typically be. 

In fact, Chambers says, borrowers in "top-tier" credit segments may be able to snag rates as low as 17% right now — significantly lower than the 21% average seen by typical borrowers. 

Enlist a debt relief company

If your credit card rates are so high that they've made it impossible to stay on top of your payments, then it may be time to take more drastic measures, like contacting a debt relief company.

"Debt relief could be a good solution if you have a low credit rating or just cannot handle the payments," Czajka says. "Debt relief companies tend to charge a fee, but it could be the best step just short of bankruptcy."

Debt relief pro can attempt to negotiate your rates and balances or, in some cases, get your debts settled for less or, in limited cases, forgiven entirely. They may also be able to get you on a debt management plan to pay off your balances over time. Debt relief is not always successful, though, and experts say these strategies should only be considered as a last resort.

"I would only really consider professional debt relief after you have attempted to work directly with creditors unsuccessfully and are unable to service your debt for one reason or another, says Martin Baker, director of financial planning at Canby Financial Advisors. "One common line in the sand is also when the outstanding credit card debt is more than half of your income."

The bottom line

With average credit card rates hovering near 21% and typical balances topping $6,500, letting a high rate sit unchallenged is one of the costliest financial habits you can have. The good news is that borrowers have real leverage, whether that means picking up the phone and negotiating directly with an issuer, shopping around for a card with better terms, using a balance transfer to buy time at a lower rate or turning to a debt relief company when payments have become unmanageable. None of these options is a magic fix, and each comes with trade-offs worth weighing carefully. But taking action, in whatever form fits your situation, will almost always beat letting high-interest debt continue to compound in silence.