Late fees with credit cards

adminNews & Events0 Comments

You are late again or have some unforeseen issue coming up that will hinder you payin your credit card bill on time. Do not panic. There is a way to help you save some money by you simply asking the credit card company to waive the late fee. 

Americans owed over $779 billion in credit card debt as of 2016. Using the plastic card is a convenient way to make purchases. The inconvenient part is the high fees. Typically, card companies vcharge six different types of payments. The most common is the late fee. 

Getting Credit Card Fees Waived

In a recent survey by it was found that 84% of those polled (a total of 952 cardholders) were successful in asking for the late fee to be waived. It is not a difficult task, but te consumer must make the move to ask. Due to late fees being an income producer for the company they will never offer such a convenience. 

For those not shy about asking to save and keep a few bucks the overall response is positive. During the survey ere was also focus on:

Avoiding an annual fee

Reducing interest rates

Increasing credit limits

As per the other focus of the survey, it was found: 

82% avoided an annual fee

69% negotiated a lower interest rate

89% obtained an increased credit limit

The actual challenge is not the company being stern and not offering the waivers or adjustments. The challenge lies in the consumers asking. As per only 11% of cardholders have ever asked for a reduction of their annual fee. 

Negotiating More-Favorable Credit Terms

So that you are prepared to be a part of the successful percentage whom received a “yes” to their credit card request, know that there are other factors involved with receiving the incentive. Your age could make a difference. 

Baby Boomers are the most aggressive to ask for annual fees being waived. Millenials (18 to 26) were less likely to ask and therefore, less likely to receive them. As per a poll 68&0% of ypoung adults stated they would never ask the company for different terms. For the bold who did only 32% were successfull. This may be because the older cardholders had a longer credit histories. Factor in the other markers such as marital status and income and it becomes easier to obtain. 

The Bottom Line

If you are finding yourself on the losing end of owning a credit card then it may be tine to reevaluate why you have it and how the comopany can better asdist you. It cannot hurt to reach out and ask, as the worse that can be done is a repky of “no”.

Leave a Reply

Your email address will not be published. Required fields are marked *