The Federal Open Market Committee, or FOMC, cut the federal funds rate by at least 75 basis points. So what does this mean for you and your credit cards? Not much, unless you have excellent credit.

Many variable-rate cardholders won't see their rate drop. Those with excellent credit are more likely to see at least a 75-basis-point dip. But in this environment, any slight decrease could be short-lived if your risk increases.

"If you do anything -- and I mean, anything -- to give the issuer any indication that you're a higher credit risk, chances are your APR will go up and/or your credit limit will go down," says Bill Hardekopf, CEO of LowCards.com.

Changes to your payment and spending patterns can signal financial trouble. Triggers can include letting balances grow, revolving balances instead of paying them off as usual and starting to take out cash advances.

If the card company lowers your limit or bumps up your rate, take action. Make a call to customer service. Use competitive card offers that you've either received or found online at Bankrate.com and say you have offers for lower rates. Hardekopf suggests saying, "I would like to stay with you, but I'm going to be moving to one of these competitive offers unless you can give me give me an APR down to Y amount, whatever that might be."

He says to try again a month later if you're turned down. Make several attempts.

Meanwhile, he says, work on improving your score. If your issuer won't work with you, you'll need a higher score to get approved for a card with better rates.

Use cards that are tucked away in a sock drawer once every six months if you want to keep the accounts open. Charge something cheap, such as a latte, and pay it off the same month. If the card gets canceled for inactivity before you can use it, ask to have the card reinstated.

If you need to transfer a balance to a new card, compare the terms and conditions of each offer. Watch out for the balance transfer fee -- the charge for moving the amount over -- which averages 3 percent of the balance and may not have a cap. Hardekopf says the introductory period for the balance-transfer rate can be as short as three, six or nine months, even though 12-month offers still exist. Some cards may limit the amount you can transfer. As for the balance transfer rate, it can vary from zero percent to around 5 percent. Those with better credit will likely score a better rate.

Take-away
Make payments on time and whittle down balances. If your issuer raises your rate, lowers your limit or shutters your account, pick up the phone. When negotiation fails, shop around.