AUSTIN, Texas, March 9, 2016 /PRNewswire/ -- 89% of credit cardholders who asked for a late fee waiver had their request granted and 78% who requested a lower interest rate received one, according to a new CreditCards.com report. The problem is that only one in five cardholders has tried this trick. Click here for more information:
http://www.creditcards.com/credit-card-news/lower-rate-fee-waiver-poll.php
The success rates are better now than they were in 2014: cardholders are 13 percentage points more likely to score a lower interest rate and three percentage points more likely to have a late fee removed. Surprisingly, annual household income doesn't have much of an effect.
"People have way more negotiating power with their credit card issuer than they think they do," said Matt Schulz, CreditCards.com's senior industry analyst. "The worst 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 that to their advantage."
Millennials have an 84% success rate when requesting a late fee waiver but just 36% when asking for a lower interest rate.
CreditCards.com commissioned Princeton Survey Research Associates International to obtain telephone interviews with 981 credit cardholders living in the continental United States. Interviews were conducted by landline and cell phone in English and Spanish by Princeton Data Source from February 4-21, 2016. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error is plus or minus 3.8 percentage points.
About CreditCards.com:
CreditCards.com is a leading online credit card marketplace, bringing consumers and credit card issuers together. At its free website, consumers can compare hundreds of credit card offers from America's leading issuers and banks and apply securely, online. CreditCards.com is also a destination site for consumers wanting to learn more about credit cards. Offering advice, news, features, statistics and tools, CreditCards.com helps consumers make smart choices about credit cards. In 2015, over 27 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
For More Information:
Ted Rossman
Public Relations Director
[email protected]
917-368-8635
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SOURCE CreditCards.com
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