A lot of young people don’t know this. If you ever miss a credit card payment, just ask them to waive the late fee. Unless it’s a regular thing, there’s a good chance they’ll do it!
According to a new survey from CreditCards.com, here are four things your credit card company will usually do for you if you just call them up and ask:
1. Waive a late payment fee. Only 25% of us have asked, and it worked 87% of the time. You just can’t do it all the time.
2. Up your credit limit. 28% of people have asked, and it worked 89% of the time. Why wouldn’t they if you pay your bills!
3. Lower your interest rate. 19% of people have asked, and it worked 69% of the time. Just make sure your balance isn’t close to the max!
4. Waive their annual fee. Only 11% of people have asked for it. 51% had it waived, and another 31% ended up paying a lower fee. So that’s an 82% success rate. Really, if you are paying an annual rate, you probably aren’t reading this!
The survey did find it’s a little harder for young people to get a yes on all that stuff but once you hit your mid-to-late 20’s, your chances go way up. 93% of people between 27 and 36 who’ve asked for any of those four things have gotten a yes at least once.
It never hurts to ask!