Creditcards.com surveyed more than 1,500 adults and found that you have a pretty good chance of getting what you want from your credit card issuer, if you just ask.
“People’s chances of success are much higher than they think they are,” says Creditcards.com Senior Industry Analyst Matt Schulz. “For example we found that 85% of people who asked for a higher credit limit or to have a late payment fee waived got their request granted.”
Schulz says most people are just not asking. “People generally aren’t calling because they don’t know that they can, and they don’t think they’ll be successful.”
If your request is turned down, don’t be afraid to negotiate. There are always other options.
“A ‘no’ doesn’t mean it’s the end,” according to Schulz. “Most things are negotiable, and as my dad always likes to say, it never hurts to ask. The worst thing that can happen is that someone says no, but if they say yes really amazing things can happen.”
Schulz adds, the best way to make those amazing things happen is to be prepared. “It helps to go in with a a bit of a plan. And that’s especially true if you’re talking about getting your interest rate reduced. The best way to go in and negotiate a lower APR is come armed with ammunition in the form of other offers that you might have seen at creditcards.com or in your snail mail.”