A new consumer survey finds 90% credit cardholders who asked their credit card issuers to waive a late payment fee were successful. Furthermore, about 66% of cardholders who asked for a lower interest rate were approved.
But, the real kicker is a mere 28% of American cardholders have asked their credit card issuer to waive a late payment fee and only 23% have requested a lower interest rate.
So kick your butt if you do not have the courage to get your nuisance late fee back (which could cover a family outing at McDonald’s). Furthermore, getting your rate lowered is a big deal — potentially saving $hundreds or even $thousands over time.
Other interesting findings from the recent survey conducted by Princeton Survey Research Associates on behalf of creditcards.com and bankrate.com:
Not all requests will be successful, however. Higher-income households were much more likely to receive lower interest rates and late fee waivers. Seventy-two percent of the highest-income households (annual income of $75,000 or greater) successfully asked for a lower interest rate versus 55% of those with annual income between $50,000 and $74,999.
About 93% of the highest-income households were able to get a late payment fee waived compared with 76% of those with annual income between $30,000 and $49,999.
Age also played a big role in whether or not a lower interest rate request was approved. Just 33% of 18-29 year-olds were granted their requests, but that percentage jumped to 59% of 30-49 year-olds and 79% of 50-64 year-olds.