"Congratulations! You've been pre-approved for a new credit card. Please fill out the application to receive your new card by..."

We've all received offers like these in the mail. Some of them even guarantee a lower Annual Percentage Rate (APR). For most people the application, along with the envelope, ends up in the garbage. But if you take time to look at some of the offers, you may find that the mailing can work in your favor. Sometimes it's an offer where the APR is lower than your existing credit card. Paying a lower APR allows more of your monthly payments to go towards the principal balance. Which means you'll end up spending less. So what do you do if you receive an offer that sounds appealing?

First read over the ENTIRE application, especially the fine print. This is very important because some offers are only for an introductory period. These "teaser rates" are deceiving because they're only explained in fine print. Once the period ends, the rates will increase. Then you're back in the same position you were in before. Some people use these teaser rates to transfer their balances, however you'll need to keep accurate records and it's very time-consuming to keep up with all the offers. But if everything looks good, then it's time to reconsider what credit card you currently carry.

A credit card holder with decent credit can call their credit card issuer to bargain for a better rate. How, you ask? Simply explain that you've been receiving offers from other issuers that have a lower APR. If you're the customer who is rarely late with sending payments, then certainly remind the operator how well a customer you've been. It would help in your cause if you have a copy of your most recent statement close by. This way, not only will you be prepared, you'll have all the answers the operator will ask.

When you speak to the operator, keep it simple. Now isn't the time to make things complex by asking about a questionable transaction from your last statement. Save that question for another call. You'll need to call when everything is quiet in the background and nothing will distract you from your main objective. Cut the television and radio down to the lowest level or go to a quiet space in your home. Most operators can hear what's happening in the background and will use the distractions to their advantage. Plan to spend at least 30 - 45 minutes on the phone and make sure a "working pen" and paper is by your side. Don't forget to write down the name of whomever you've talked to and keep notes of the whole conversation.

Remind the operator how long you've been with the company and if you've been a good customer. Don't forget to tell about the card offers you've been getting in the mail. Be firm and persistent. The operator is trained to handle customer complaints and will try to do everything in their power to keep your business within the company. This is when those other credit card offers waiting nearby come in handy. Don't be afraid to read them the offer and ask if they can match it. You may need to speak to a supervisor if the operator cannot handle your request. You may have to threaten to cancel your card, however if you are in good standings then you might not. Remember, the worst they can tell you is no. Then you can apply for the credit card offering the lower APR.

By taking the time to examine ways to lower your APR, you're taking major steps to controlling your finances. Schedule a day soon where you can sit down and read some of the credit card offers. It may pay dividends down the road soon. It could be a golden opportunity where you'll be able to pay off your debt quickly.