Most Credit Cardholders Lower Their Interest Rate Just by Asking

Most Credit Cardholders Lower Their Interest Rate Just by Asking

April 10, 2019         Written By John H. Oldshue

Tired of paying a high credit card APR? The solution may be as simple as just asking for a lower interest rate.

According to a new survey, 81% of credit cardholders were granted a lower APR last year just by asking for one. The average reduction was around six percentage points.

But surprisingly, only one in five cardholders chose to ask for a lower interest rate. When asked why they did not ask for a reduction, most people said they didn’t know that was an option or didn’t think they’d be successful.

The study also found 79% of cardholders who asked for a higher credit limit were successful, but only 28% made the request. Among those who received an increased credit limit, the average boost was $1,500.

Nearly half (48%) of cardholders who had incurred a late fee requested a fee waiver in the last year, and 87% received that waiver. Late fees typically run $25 to $38, but most credit card companies will waive the first late fee.

The survey found men were more likely to request these services, but both genders were equally successful with their requests.



The information contained within this article was accurate as of April 10, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Top Features : No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% intro APR for 12 months
Top Features : No annual fee, no penalty APR; free FICO® Score
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Top Features : Only card to round up rewards to nearest 10 points; 15,000 bonus points after spending $1,000 in first 3 months
Top Features : $200 bonus after spending $1,000 in first 90 days; no annual fee