People are sometimes scared to call them, thinking they have the upper hand. Invariably they do, but a person has things they can do as well. Customers can tell the company that if their rate isn't lowered, they will transfer their balance to another card, Clay said. Credit card debt holders can shop around for interest rates on other cards. Many Web sites list the interest rates of several credit cards, she said.
People get offers in the mail daily.
But consumers should be wary, she said. Many credit cards offer lower introductory rates for a few months when a balance is transferred, Clay said. But after the introductory time, rates usually go way up. A customer should make sure to either pay off the debt in the introductory period or transfer it to another card, she said. If you balance transfer more than a couple of times, you are going to have a bunch of open accounts.