Patients Fear Your Disapproval; Thieves Eye Your Medical Records; More

Marcy Tolkoff, JD


October 13, 2017

In This Article

Just Ask and Ye May Receive More Money

You could be missing out on a simple way to save lots of money on credit card payments: asking for a lower interest rate or late-fee waiver. Nearly 9 out of 10 cardholders who asked their credit card issuers to waive a late payment fee were successful, according to a new report,[4] and about two thirds of cardholder requests for a lower interest rate were approved.

Few think to ask, however. Only 28% of American cardholders have asked their credit card issuer to waive a late payment fee, and only 23% have requested a lower interest rate.

"It's probably the best time in years to ask credit card issuers for a break," says Matt Schulz,'s senior industry analyst. "Americans are pulling out their plastic again. Banks are loosening their grip on credit. That makes for a very competitive environment—and one that consumers can use to their advantage."

Not all requests will be successful, however. You're more likely to have success if you're a higher-income household; 72% of those with an annual income of $75,000 or greater had a lower interest rate approved and 93% of the higher-income households were able to get a late payment fee waived. Age was also a factor, with those 50-64 years of age more than twice as likely as 18- to 29-year-olds to have their requests granted.


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