Credit Card Late Fees Waived 86% of the Time for Those Who Ask
Older, Wealthier People Most Likely to Receive Late Fee Waivers and Lower Interest Rates
AUSTIN, Texas, Sept. 25, 2014 /PRNewswire/ -- Nearly nine out of 10 credit cardholders who asked their credit card issuers to waive a late payment fee were successful, according to a new CreditCards.com report. And about two-thirds of cardholders who asked for a lower interest rate were approved.
The problem is that 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. That means many Americans may be missing an opportunity to save real money, according to Matt Schulz, CreditCards.com's senior industry analyst.
"It's probably the best time in years to ask credit card issuers for a break," Schulz said. "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. Higher-income households were much more likely to receive lower interest rates and late fee waivers. Seventy-two percent of the highest-income households (annual income of $75,000 or greater) successfully asked for a lower interest rate versus 55% of those with annual income between $50,000 and $74,999.
And 93% of the highest-income households were able to get a late payment fee waived compared with 76% of those with annual income between $30,000 and $49,999.
Age also played a big role in whether or not a lower interest rate request was approved. Just 33% of 18-29 year-olds were granted their requests, but that percentage jumped to 59% of 30-49 year-olds and 79% of 50-64 year-olds.
More information is available here:
http://www.creditcards.com/credit-card-news/poll-ask-better-terms.php
Princeton Survey Research Associates International obtained telephone interviews with a nationally representative sample of 983 major credit cardholders living in the continental United States. Telephone interviews were conducted by landline and cell phone in English from July 17-27, 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error is plus or minus 3.7 percentage points.
About CreditCards.com:
CreditCards.com, named a "Best Site for Managing Your Credit" by MSN Money, 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 2013, 19.5 million unique visitors used CreditCards.com to find the right credit card to suit their needs.
For More Information:
Ted Rossman
Public Relations Manager
[email protected]
917-368-8635
SOURCE CreditCards.com
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