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]
Comments
2 responses to “Even More Data Shows Negotiating A Better Credit Card Interest Rate Works, So Do It”
Despite the Australian $50 and $100 notes at the top of the article, this seems to be yet another US-based feed with no comment about if it’s even WORTH trying here.
Are we Lifehacker readers being asked to check out if there’s any wiggle-room in local card providers? I suspect not, but then I’m a pessimist.
It would seem that the national average APR in the US is 15.16%. Be nice if that was here.
Or just pay it off in full each month. They could charge me 100,000% interest for all I care…
I challenge lifehacker to put there money where there mouth (or mouse in this case) is and give at least 1 sample feedback.
ANZ screwed up with my business credit card online transaction visibility and I managed to get almost 2 years of interest and late payment charges reversed. But that was due to a genuine fault, not a negotiate for lower rate.