But none of those are the most popular reason people switch cards, according to Wallethub's 2018 Summer Credit Card Survey. Of the 540 cardholders Wallethub asked, 51 percent said they switched for a better interest rate.
The average APR among those surveyed was 19 percent, and carrying a balance with an interest rate that high can be costly. The average U.S. household with revolving credit card debt pays almost $900 in interest each year.
The APR you can get is often tied to your creditworthiness. Issuers determine that based largely on your credit score, but also your debt-to-income ratio and a few other factors. Having little debt and a large income increases your creditworthiness.
If you're shopping for a new card to get a lower interest rate, do what you can to increase your attractiveness to creditors. That might mean paying off some of your debt or elevating your credit score by making payments on time and using a smaller portion of your available credit.