89 percent of credit card customers are making a costly mistake -- Are you?
0
Filed under: Finance, Personal Finance, Credit
A recent report shows that the majority of credit card customers were able to get their fees waived or reduced, their credit limit raised, or their interest rate lowered, simply because they asked for it. This can save hundreds of dollars in fees and interest charges over the years. The problem? None of these requests, other than for a higher credit limit, are made by more than one-fourth of cardholders, and just 11% asked for a lower annual fee, despite an 82% success rate among those who did.
Did you know you might be able to get rid of your annual fee?
- 87% of cardholders who asked for a late fee waiver were successful.
- 69% of cardholders who asked for a lower interest rate got one.
- 82% of cardholders were successful in lowering or eliminating their annual fee: 31% negotiated the fee to a lower amount, and 51% got it waived entirely.
- 89% of cardholders were given a higher limit when asked.
If you don't ask, you'll never know