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Over 80% Cardholders’ Requests for a Lower APR Get Approved

[Thursday, April 25th, 2019]

Recent CompareCards survey found out that for the past year more than 80% credit card owners asking for a lower APR scored a success.

1000 credit card holders took part in the survey. They were asked whether in the past year they turned to their credit cards issuers with a request to waive or reduce an annual fee, to increase a credit limit, to waive a late fee or to reduce an APR or an interest rate.

Key Findings

The main results of the study are below.

• 20% of respondents asked their credit cards issuers to bring down an APR and 81% of them got a positive response with the average reduction of about 6%;
• 48% of those who faced a late fee asked to waive it and in 87% of cases issuers agreed;
• 28% cardholders asked to rise their credit limit and 79% of these requests were fruitful and brought the average increase of about $1,500;
• 33% of annual fee cards holders confirmed making a request for eliminating that fee. 67% of them now have no-annual fee credit cards and another 24% got their annual fee reduction.

In addition, the survey showed that men take a decision to address their requests to banks more frequently, though both men and women have the same chance of satisfying their inquiries. It is also interesting that issuers are more willing to agree on APR reduction and annual fee waiving for younger people, while a late fee waiving and credit limit increasing are more easily approved for elder cardholders.

Want a lower APR? Just Ask!

Despite the fact that the results obtained in the course of the research are rather bright, one should not forget that the number of credit card holders who apply to banks for lower rates and fees or for increasing the credit limit is quite small. Many Americans don’t do it because they are simply not aware of this opportunity or can’t believe that issuers will make a concession. Don’t repeat their mistakes. Just ask!

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