If you haven't already, give your credit card company a call and ask for a lower interest rate. It might seem like a long shot, but the odds are actually in your favour. A recent survey found that 78 per cent of customers who asked got what they wanted. Wallet, credit card and money image from Shutterstock
CreditCards.com surveyed 981 cardholders, and not only did they find 78 per cent of customers got a lower rate, that number is also up from 2014, when it was 65 per cent. They also found that 89 per cent of customers who called to waive a late fee got what they wanted, too. In a press release, analyst Matt Schulz said:
"People have way more negotiating power with their credit card issuer than they think they do," said Matt Schulz, CreditCards.com's senior industry analyst. "The worst that can happen is they say no, but most of the time, they say yes. The credit card market is incredibly competitive right now and consumers should use that to their advantage."
It's worth pointing out that they also found the numbers varied a bit by demographics. Granted, the survey was of US cardholders. Still, it can't hurt to ask, and this survey is a good reminder to pick up the phone. For more detail, head to the link below.
Poll: Most who ask get late fees waived, rates reduced [CreditCards.com]