Improve Credit Score

• Your credit score determines the annual percentage rate you pay on both new and existing cards you own. Pay late more than once in a given period and your creditor has the right to raise -- even double -- your APR. Using more than 30 percent of your available credit limit also can reduce your score because it increases your debt-to-credit-limit ratio. Paying your bills on time and reducing your debt can improve your score and lead to a lower APR.
  
  

Request a Review

• Call your creditor and request an account review. If you have paid your bills on time without accruing penalty fees and currently maintain a good credit score -- 750 points or higher -- you have the right to have your APR reviewed and reduced by the creditor. According to the credit CARD Act, the company has 45 days to respond in writing with either an interest reduction or valid reason to justify keeping your card at its current APR. You can ask your creditor to re-evaluate your APR every six months.
  
  

Replace the Card

• Consider transferring your card balance from the high APR credit card to one with a lower fixed rate. Avoid transferring balances on cards with low introductory rates that can double after the first six months or transferring balances to card issuers who charge excessive transfer fees. Do not close your high-APR credit card account. Keep it active, charge only small amounts a couple times a year and pay off the balance; closing or canceling the account reduces your total credit limit, which can hurt your score.
  
  

Pay Balance Monthly

• Focus less on interest rates and more on paying off your card balances. Most credit card issuers offer a grace period of 20 to 25 days, a period where you are not charged interest for purchases made. Spend only what you can afford to pay off each month. Rotate your cards so you use only one or two cards at a time. To avoid excessive debt and higher interest rates, resolve to use no more than 10 to 15 percent of the card's available credit.