For those people who use credit cards, getting a good rate on the card should be just as big a consideration as getting the credit limit that you want. As well as shopping around when purchasing a credit card, you should also regularly review the rate you're being charged to make sure that it remains competitive. The cost of not doing this can be quite large and, in some cases, contributes to serious debt problems.

Before looking at how to ask for a lower rate, it's probably worth stating that the process of switching cards is usually pretty painless. This shouldn't be a surprise. However, there are many credit card holders out there who don't realise this. Typically, they are maxed out on their credit limit and are only paying off the minimum every month, and they think that no other bank would touch them with a barge-pole. This thinking, however, is wrong. These are precisely the credit card customers who are most profitable for banks; those people who consistently use their card and make regular (but not full) payments every month.

Whether you fall into the above category of borrower or are, like me, just an occasional user of a credit card, there certainly is value in switching to another provider (or to a better deal with your current provider) if you find that the rate offered on your card is no longer as good as it used to be.

So what are the steps to getting a better rate on your credit card?

1. SCAN THE MARKET FOR THE BEST CREDIT CARD DEALS

There are lots of good comparison sites out there, such as www.moneysupermarket.com and www.fool.com . These can be a quick way to find out who's offering the best deals at any given time. Alternatively, you could select a handful of credit card providers and check out their deals via their websites or by phoning them or visiting a branch.

2. DECIDE WHETHER SWITCHING MAKES SENSE

It's possible that you may find that your current provider's rates are comparable or only slightly worse than the market leading company. In such cases, you will need to decide whether the slightly better rate justifies the effort of applying for a new card and providing supporting documentation, etc.

There are also considerations beyond the interest rate. It's possible that you value the service that you get from your current provider and have never heard of the company that's offering the market leading rate.

There's no set rule for governing when you should switch but, as a rule, most people switch when

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