Even More Data Shows That Negotiating a Better Interest Rate on a Credit Card Is Working, so Go for It.
If you haven’t already, call your credit card company and ask for a lower interest rate . It may sound unlikely, but the odds are actually in your favor. A recent survey found that 78 percent of customers surveyed got what they wanted.
CreditCards.com surveyed 981 cardholders and found that 78% of customers not only received a lower rate, but were up from 65% in 2014. They also found that 89 percent of customers who called to waive late fees got what they wanted, too. In a press release, analyst Matt Schultz said:
“People have a lot more power to negotiate with their credit card issuer than they think,” said Matt Schultz, senior industry analyst at CreditCards.com. “The worst thing that can happen is they say no, but most of the time they say yes. The credit card market is incredibly competitive right now and consumers should use this to their advantage. “
It’s worth noting that they also found that the numbers varied slightly across demographics. However, as we’ve told you before, it doesn’t hurt to ask , and this survey is a good reminder to pick up the phone. For more details please follow the link below.
Survey: Most Applicants Receive Late Penalty Cancellations and Rate Cuts | CreditCards.com