by Alison Storm | 06/4/10

If you don't like your annual percentage rate, it may be a good time to call up your credit card company and negotiate a new one. According to a report by CNNMoney, new federal rules and high delinquency rates mean it could be a great time for consumers to negotiate new rates. "I think [card companies] will be just as willing now as they have been," said Nick Bourke, director of the Safe Credit Cards Project at The Pew Charitable Trusts to CNNMoney.

The CARD Act restricts companies from simply raising your rate for no reason. While the banking industry warned lawmakers that the bill would be bad for consumers, so far that hasn't been the case. "We are deeply concerned that these rules will result in less competition, higher consumer prices, fewer consumer choices, and reduced consumer access to credit cards," said Edward Yingling, chief executive of the American Bankers Association, said during a Congressional hearing in May 2008, according to CNNMoney.

You may have noticed your credit card rate jump up before the new law took effect. According to Informa Research Services and CNNMoney, the national average APR for a platinum card was 11.31% last week. The average rate for rewards cards is 12.33%. That's a slight increase over rates seen six months ago which were 10.6% for platinum and 11.8% for rewards. According to CNNMoney, several major credit card companies are willing to lower rates, if possible. "We've always been committed to helping cardmembers in need, and that is no different today," said a spokesperson for Discover to CNNMoney. But typically longstanding customers with high credit limits have the best success when trying to get lower APRs. "If you are somebody who is paying your bill on time, using your card and carrying a balance, you are a great customer for a credit card company," said Bourke, according to CNNMoney. But even if that doesn't describe your situation, it's still worth a shot.