At least when it comes to credit cards, ask and you are likely to receive.
That’s the gist of findings from a recent CreditCards.com survey that investigated cardholder requests about credit limits, interest rates and certain fees.
For the survey, 952 cardholders living in the U.S. were polled. Overall, 84 percent of them who made any of those requests got what they asked for. Specifically, among the cardholders who asked:
- 89 percent received a higher credit limit.
- 87 percent received a late payment fee waiver.
- 82 percent had their annual fee waived or reduced.
- 69 percent received a lower interest rate.
The bad news is that only about half of the 952 survey participants made any of those four types of requests.
Call your credit card company
Alex Johnson, a spokesperson for credit-scoring company FICO, tells CreditCards.com:
“The takeaway is that you should always ask. The worst that can happen is that they’ll say no.”
The Federal Reserve’s benchmark federal funds rate is on the rise again, and credit card interest rates are expected to follow. So asking for a lower rate is especially important for folks who are currently carrying debt or might become unable to pay their bills in full in the future.
As we report in “Credit Card Debt Is Getting More Costly: 2 Methods for Tackling Yours,” experts say the March 15 increase in the federal funds rate will cost consumers roughly $1.6 billion in extra finance charges in 2017 alone.
Don’t stop there
Even if your credit card company grants your request for a lower interest rate, don’t stop there. Do your homework by comparing the new interest rate to ones currently offered by other cards.
Just because your credit card company lowers your interest rate, it doesn’t necessarily mean it’s the best rate you can get.
Money Talks News’ credit card search tool enables you to easily search for and compare cards based on interest rates. Just select “Competitive APR” from the second pull-down menu.
For more guidance, check out “How to Avoid 5 Sneaky Credit Card Company Tricks.”
Have you ever asked your credit card company for anything? Let us know whether you received it by commenting below or on Facebook.