Generally, they will not reduce the balance unless the account is seriously delinquent–which will trash your credit score. At that point, they figure they’d better take some money rather than writing off the entire balance.

However, you can call and ask for an interest rate reduction. I’ve been successful with this with one company but not another. Stress your good history with them and your desire to pay down the balances. Be persistent. If you have been receiving offers for competing cards with lower rates, you can mention that you are thinking about taking your business elsewhere unless they can help you out with the rate a little.

I read a book on this topic that said that if the first person won’t reduce the rate, you should call back at least 7 times. If 7 different reps won’t help you out, you’re pretty much out of luck. I don’t know what your rate is but I wouldn’t expect to go from 18% to 3% for example. But even if they take off 3 or 4 percent, it will help. Ask if there are any special promotions you can take advantage of—-like 0% for 6 months or some other teaser rate.
The most important thing is to be polite and charming. The rep won’t help someone who gets upset or abusive. If you aren’t getting an answer you like, hang up and call again.

On a side note, most credit cards calculate interest on a daily basis. If you can make your payment early in the cycle—or even a partial payment—this will reduce your daily balance and reduce your total interest charges. Even saving a few bucks a month in interest can help you get rid of that balance faster. I started making weekly payments on my card instead of one big payment on the due date and it has made a difference. I pay the same total amount but it hits the account sooner in the cycle so my daily balance drawing interest is lower.

please note: I never actually used this technique myself but I know people that did with results.
Do you know all those credit card offers you get in the mail all the time? When you call your credit card company, have the best deals in front of you. Then you tell your credit card company about them and ask your credit card company if they will lower your interest rate. If you had been making your min payments on time, you should be able to work a deal with your credit card company.

I have worked for bank of america in the past and your friends have it right to an extent. As long as you have been making payments on time and never been late, I think you should call your credit card company and ask them to reduce your interest rate. Tell them that this is your favorite card and you want to continue to use it, but you are getting offers from other companies that are offering you better rates.

If you request a balance reduction, it will harm your credit for around 7 years and I dont not recomend that you take this route.

If you have a very high balance, then you may want to consider finding a creditcard that gives you a 0% balance trnasfer, and then transfer your balance and make the payments.

Last- pls dont make the min payments, try to add beyond the min payments. If you simply pay the min, it will take your years to pay it off. I am an accounting major, and will be glad to show you the math behind that.