If you want the lowest credit card rates, you need to have a great credit score. But that’s just part of the story.

With just a little bit of effort you can get the right card for you, and get fees waived and rates lowered on both new and current credit cards.

Thanks to economic turmoil that’s driving increased credit card default rates, credit card holders are forced to work with lower credit limits, higher interest rates, and more stringent borrowing terms than ever before. Getting optimized interest rates and borrowing terms is more crucial than ever. Here’s how to give yourself some credit.

Choose the right credit card

“When I got my card last year, I planned on paying it off each month, so I just went with the one that sent me the most offers by mail,” says James Noe, a 30 year-old graduate student at the University of New Orleans. “That was great until I had a bunch of expenses at once. Now I have $1,400 in credit card debt, an APR around 20%, and a $50 annual fee. I’m getting rid of this card as soon as I’m done paying it off.”

A simple way to avoid skyrocketing interest rates and hidden fees is to choose a card that fits your financial profile, experts advise. That means figuring out if you’ll immediately pay the card off or if you’ll need it to carry debt over time as well as comparing APR, annual fees, balance transfer costs, credit limits, and rewards options between cards. According to Shawn Rife, director of strategic research for Experian, which provides consumer and business credit reporting and marketing services, veteran card holders can benefit from being aware of the card competition as well.

“If you can find a credit card that has a better interest rate than your current one, often times it does pay to call your card company,” Rife says. “There’s no guarantee that they’ll offer you a better rate, but you have a better shot if you let them know that you’re aware of your options.”

Get prepared

Before hitting the stores, Rife also recommends spot-checking your credit report to ensure that you’re getting the best credit card terms possible.

“A simple mistake on your credit report can raise your interest rates or lower your credit limit,” explains Rife, “so it pays to make sure your report is accurate. You need to check everything from the spelling of your name to the accounts that you have.”

By proofreading a credit report, consumers can not only ensure that they’re getting credit card terms that correspond with their spending history, they can also catch identity theft incidents immediately.

Once the credit report is in the clear, Joseph Ridout, consumer services manager for the Washington D.C.-based nonprofit advocacy group, Consumer Action, recommends that card holders re-familiarize themselves with their credit terms. According to a Federal Reserve survey, 65 percent of credit card issuers have tightened their lending standards in the past year. Since card companies reserve the right to change lending terms at any time, card holders could wind up with drastically different borrowing requirements than they had a few months ago.

“Credit is tightening up and rules are changing so card holders have to be aware of their borrowing restrictions, especially now,” Ridout says. “Not knowing the rules of your card could cost you.”

Stay below the credit limit

As credit card terms change, so do the rules of shopping spree spending, says Gail Hillebrand, senior Attorney for Consumers Union, the Yonkers, NY-based nonprofit that publishes Consumer Reports Magazine. Even those who spend wisely and pay on time could wind up with tighter card restrictions simply by spending a larger percentage of their credit limit.

“Credit limits have come down so abruptly that people who were only using a small part of their limit are now using half or more,” says Hillbrand. “Any time people use more than one-third of their credit limit, it affects their credit score…that’s a risk a lot of shoppers aren’t even aware of.”

Hillebrand adds that the debt utilization ratio – the amount of debt a consumer carries versus the amount they’re allowed to borrow – is one of the prime factors for determining a consumer’s interest rates and borrowing terms. Those who come close to their credit limit won’t qualify for the best interest rates on either their credit cards or on larger-ticket loans. Shoppers who fear going over the 30% mark can avoid credit repercussions by spreading out their debt among multiple cards, keeping track of their charged expenses, and cutting down their spending.

Keep the credit card issuer informed

For those who are already strapped with low limits and high interest rates, Joseph Ridout recommends bargaining for something better, especially if your financial position has improved in the past few years.

“If it’s been several years since you applied for the card and your income has increased, you might be able to get a better rate or credit limit if you can show proof that you’re less risky than you were when you applied,” says Ridout. “A lot of credit card companies will also waive a late fee if you’ve paid promptly for years. About 60% of card holders received a fee reduction when they made a simple call to their bank.”

Whether or not you receive an immediate rate reduction, Rife says the trick to beating the plastic trap in a time of economic uncertainty is using cards in moderation, keeping informed about competitor’s deals, and not being afraid to ask for better card conditions.

“The best thing you can do is educate and empower yourself when it comes to your cards,” Rife says. “That’s the only way you’re going to get the best possible rate.”

– Writer Christina Couch contributed to this story