MEMPHIS, Tenn. — You’ve likely heard the saying, “ask and ye shall receive.”
Well, this applies to questions consumers should be posing to their credit card issuers.
Research from creditcards.com makes it clear. If you want a lower APR, just ask.
The research showed roughly 89 % of credit card holders who asked for a late-fee waiver had their request granted, and 78% who requested a lower interest rate on balances received one.
There are some important steps to take however, if you want your credit card issuer to do the same!
Know your credit history
In order to have late fees waived or get a lower interest rate, it’s important for a customer to be familiar with his/her own credit.
They should know how long they’ve had the card with that particular company, their balance, etc.
It’s critical to not have a history of late payments.
If you’re over your limit, this won’t work for you.
Be polite, use a script
It’s important to begin your request with a polite dialogue.
State your name, how long you’ve been a card holder and reinforce how you’re a good customer.
Ask the person on the other end if they can even grant the request, then move on to a supervisor if necessary.
Be realistic
If you have a card with 25% interest, don’t expect that to be cut to 10.
Experts say getting your APR lowered by a few points is a good start.