On May 22, 2009, the Credit CARD Act of 2009 was signed into law by President Barack Obama. The full title of the law: Public Law 111-24 is the Credit Card Accountability Responsibility and Disclosure Act of 2009. It amends the Truth In Lending Act, the Federal Trade Commission Act and the Electronic Funds Transfer Act.

Most credit card lenders charge anywhere from 0 to 20% in interest (APR). I’ve seen some particularly creepy banks that charge as much as 35%! Most people do not realize that you can negotiate with your credit card company for a lower rate, especially if you’ve had any of your credit cards for a long time.

All you need to do is to call them up to insist on a lower rate. Shoot for 9% to 15%. You’ll be surprised at how easy it is to save yourself a lot of money.

Here’s how to do it:

Make sure your credit reports contain the proper credit limits!

Some lenders do not report consumer credit limits. Instead they will only post the highest balance you have ever carried. Keeping proper credit limit information out of your file is not always an innocent oversight. It’s often done purposely by a lender to make you look less attractive to their competitors, so they won’t send you pre-approved offers. Worst of all, it lowers your credit score!