A 15 Minute Phone Call Could Save You $2,500

April 24, 2018

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Is 15 minutes of your time worth saving up to $35?  It pays to call your credit card company if they’re trying to hit you with a fee. A recent survey found that most creditors will back down if you simply call them out. A CreditCards.com survey found that 84% of major credit card holders who asked to waive a late fee were successful during their most recent inquiry. And they didn’t just talk their way out of late payment penalties: seven in 10 were able to lower or even eliminate an annual fee, and more than half (56%) were able to lower their interest rate. And those who requested a higher credit limit were also successful 85% of the time. However only one if four people ever talk with their credit card issuer to discuss fees, interest rates and annual fees. Considering late fees range from $15 to $38, annual fees can be as much as $200 and interest rates averaging 15%, by taking the time to ask, you could be rewarded with over $2,500 in savings a year, which is well worth a 15 minute call! You won’t always be successful. For example, don’t expect a fee waiver if you’ve been late with your bill multiple times within a few months, but if you want to change something about your card and you don’t ask, you’re doing yourself a disservice.

SOURCE: Moneyish

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