Unlock Savings: Get a Better Deal on Credit Card Rates and Fees

Who knew that a better deal on credit card rates and fees was simply yours for the asking? Well, evidently everyone who picked up a telephone and dialed up and asked for it! And by “telephone” and “dialing,” we actually mean tapping the number pad on that little computer in your pocket.

CreditCards.com, according to Fortune, found that “around 84% of customers who asked for an adjustment to an annual fee or late fees, a lowered interest rate, or a higher credit limit were successful, according to a new survey.”

The success rate for such requests turns out to be very high, yet “only about half of all those surveyed actually asked for help, meaning there are plenty of cardholders out there who are losing out on saving some cash. Often credit card companies instruct their service representatives to allow for a certain number of waivers a year, but only if a customer requests one.”

Part of this comes as card issuers find themselves in a post-recession battle to entice new card users, often with rewards, higher points, low-interest transfers, and more.  And yet, not every wish is granted without at least some kind of catch.

The Art of Negotiating Credit Card Terms: Tips for Saving Money

According to Pymnts.com, “the willingness to bend on annual fees, though, doesn’t necessarily hold true for all credit-card lenders. Not all lenders are interested in being flexible on fees, and the consumers most likely to receive reductions are regular users who pay on time and who threaten to close or cancel the card. Other terms are also flexible. Consumers who asked for a lower interest rate got it 70 percent of the time — though, again, that flexibility tracks more toward customers who pay on time.”

Additionally, “banks, according to the survey, have also been increasingly willing to up customers’ credit limits, or the amount they can spend on the card at any one time.”

Though as the Fortune article notes, the single easiest thing to get reversed or reduced was a late fee charge, which was granted 87% of the time.

The Power of Asking: Increase Your Chances of Success in Adjusting Credit Card Rates and Fees

And as NBC concludes,  “if you aren’t fighting these fees, you may be seriously underestimating your value as a customer.”

All of this speaks to a good rule of thumb for any business — the more valued the customers, the more they’ll value doing business, and sticking with… you!  That’s why we value you so much!

 

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