About two-thirds of card holders who requested a lower interest rate received it, a survey shows.
Many credit card holders who request lower interest rates or a break on late payment fees on their cards are getting what they ask for, according to a report out today from CreditCards.com
Credit card issuers waived late fees for 86% of the card holders who asked them to, and about two-thirds (65%) of card holders who requested a lower interest rate received it, says the survey of 983 major credit card holders in the USA.
But most people don’t ask for these kinds of favors: Only 28% of credit card holders asked their credit card issuer to waive a late-payment fee; only 23% asked for a lower interest rate.
“A lot of people are hurting from credit card debt, and they may not know that negotiating a better interest rate or waiving a late fee is something that can be done and is often done successfully,” says Matt Schulz, CreditCards.com’s senior industry analyst.
These breaks “can save them real money, especially if you are someone with a lot of credit card debt,” he says. “The worst thing the credit card issuer can say is no, and according to this survey, they’re likely to say yes.”
Among the reasons for this: “Americans are spending on their cards again. Banks are making it easier to get cards. Add that all up, and it’s a really good time for people to ask for deals from the banks,” Schulz says.
Certified financial planner Michael Dalton, who has written or co-written more than 100 books on financial planning, says to get credit card issuers to waive late fees or lower interest rates, “You’ve got to…”
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