How to Get Rid of Fees and Lower Your Credit Card Interest Rate

Comparecards.com sent over the results of a survey that had some interesting results.

How to Get Rid of Fees and Lower Your Credit Card Interest Rate

Comparecards.com sent over the results of a survey that had some interesting results. The Survey answers the question -

How do you get rid of fees and lower your credit card interest rate? Simply - You just Ask!

Only 25% of credit card holders have asked for a lower Annual Percentage Rate (APR) on one of their credit cards.

"Of the 25% or those who asked for lower interest rates, 64% received a lower interest rate by a reduction of an average 5.5%."

Only 60% called to have a late fee waived.

"89% of users who asked received at least one late fee reversed"

Only 40% of credit card users have asked for a higher credit limit on one of their existing cards.

"64% of those who asked for a higher credit limit received one"

It appears that all you have to do is ask. It is interesting how few do actually ask. Is there anything that you don't ask about?

YES - NEVER ASK TO LOWER YOUR BALANCE - I HAVE HEARD CASES WHERE THE CREDIT CARD COMPANY ASSUMED THAT THE REQUEST MEANT THE PERSON ASKING WAS A DEFAULT RISK, CLOSED THE ACCOUNT, AND SENT THE CARD HOLDER TO COLLECTIONS. YES, THEY CAN DO IT.

People aren't asking because of the tendency to ignore the problem which is credit card debt. Understand what you are up against and get those interest rates as low as possible. Also remember that credit card companies are more likely to help you if your credit has improved and looking better. Regardless, it does not hurt to ask

So what if you are turned down? Ask the credit card company what you have to do to get lower rates. Oftentimes, they will spell out a game plan for you.

Comments
No. 1-2
BobBrooks
BobBrooks

Editor

@atkinsww1 - I had a few listeners report to me that they asked about getting their balanced reduced and they were quickly thrown into collections

atkinsww1
atkinsww1

Good advice. Is the comment "Yes - Never Ask...." a comment from someone else?

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