A simple request of a credit card company means you may not have to pay a fee. However, a CreditCards.com survey reveals that most consumers are not taking advantage of this.
70 percent of people who asked a company to waive the annual fee or reduce it is successful, but just 18 percent of cardholders make the request. Consumers are even more successful in getting late fees waived by asking. 84 percent of people who ask for it are granted the request, but only 29 percent ask for it.
CreditCards.com Senior Industry Analyst Matt Schulz said the credit card industry is highly competitive and will do whatever they can do to get new customers and keep older ones. He said most people don’t make the requests because they don’t know or don’t think they’ll be successful.
Schulz said educating people about this can save people their hard-earned cash.
Consumers can also get better deals in two other places – high credit limits with 85 percent being granted and reduced interest rates with 56 percent being successful after asking. 43 percent of being were successful in getting a higher credit limit, which could hinder some consumers in getting rid of their debt.