Well, I think, I got my answers and solution:
One of the post was talking about how to delete all the rates - unlike me where I want to delete certain rates - which in my case older rates.
Starvos suggested the use of search option and then it will display a delete all button for someone to delete all the rates.
So in my case, what I did was, I had already imported the rates, so I did a refined search based on when the old rates were imported which was basically the 'start date' and 'end date' and then simply used the delete all which deleted all the old rates keeping the new rates.
I guess, next time, I can simply delete the old rates, keeping the rate card intact but without any rates in it and then import the rates.
Now my next question would be how to reuse the OLD deleted ratecard ID. I am up to Rate Card ID 12, where I only have two rate cards. If there is a way to change the ID from 12 to 2 that would be great.
Thanks,
Kim
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