"People have a lot more power in negotiating with their credit card issuer than they think they do", says creditcards.com senior industry analyst Matt Schulz.
Whether it is faulty chips or chip readers, credit card experts say the new technology still faces problems. But now there's even more reason to try. And 69% of folks who inquired about getting a lower interest rate on their credit card saw success.
87% of cardholders who asked for a late fee waiver were successful. Younger Baby Boomers (age 53-62) were the age group most likely to have their annual fee completely waived. If cardholders are responsible with that higher limit, it's an easy way to make a almost instant improvement to one's credit score, said Matt Schulz, the site's senior industry analyst.
Here are his tips for taking advantage of this flexibility from financial institutions.
It pays to reach out to your credit card provider when faced with unwanted fees and high interest rates.
To pay federal taxes with a credit card, you have to use one of the IRS' third-party credit card processors, which charge fees of 1.87 percent to 2 percent of the amount you put on the card. That's good news, because limits on those early cards tend to be low.
The national average April on new card offers inched closer to 16 percent this week, reaching a record high of 15.63 percent, according to the CreditCards.com Weekly Credit Card Rate Report. "A credit-limit increase can improve your credit score by improving your utilization rate", or the percentage of your limit that you spend every month. "Don't be afraid to ask for fees to be waived or higher credit limits because, quite often, you'll actually get it".
It's a much better deal than 13.61 percent, the average April for all USA credit card accounts that were assessed interest in the last quarter of 2016, according to the Federal Reserve.