Buzz
If you haven't done so yet, call your credit card issuer and request a lower interest rate. It might seem like a long shot, but the chances are actually in your favor. A recent survey revealed that 78% of customers who asked received the lower rate they desired.
A study by CreditCards.com surveyed 981 cardholders and found that 78% successfully negotiated a lower rate. This figure has increased from 65% in 2014. Additionally, 89% of customers who asked to have a late fee waived were granted their request. In a press release, analyst Matt Schulz stated:
'Consumers have more negotiating power with their credit card issuer than they realize,' said Matt Schulz, Senior Industry Analyst at CreditCards.com. 'The worst outcome is a refusal, but in most cases, they say yes. With the credit card market being highly competitive, consumers should leverage this to their benefit.'
It's important to note that the results varied slightly based on demographics. However, as we've mentioned before: 'it never hurts to ask,' and this survey serves as a good reminder to pick up the phone. For further details, check out the link below.
Image courtesy of Chris Potter.
