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Don’t Be a Wussy Cardholder – Ask for Fee Waivers and a Better Rate

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New research reveals 87% of credit cardholders who asked for a late fee waiver were successful and 69% who requested a lower interest rate received one. 

The CreditCards.com report shows no more than 1 in 4 cardholders make any one of the requests; added together, only about half of consumers have made any request at all.

Want lower credit card fees? Just ask.

Many premium credit cards charge an annual fee for their desirable rewards and perks, and those fees are negotiable as well. Over half of American cardholders who asked (51%) were able to get their annual fee waived entirely, while 31% who asked were successful in negotiating the fee to a lower amount.  Younger Baby Boomers (age 53-62) were the age group most likely to have their annual fee completely waived. However, only slightly more than 1 in 10 cardholders (11%) have ever made that request.

In fact, nearly 9 in 10 cardholders (89%) received a higher credit limit when they asked their credit card issuer.  Older millennials (age 27-36) were most likely to ask for a higher limit, as well as receive one. Of the four requests we asked about in our survey – waiving a late fee, lowering an APR, waiving an annual fee and raising a credit limit – the most commonly requested was a credit-limit increase, at 28 percent.

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