Women were far less likely than men to ask their credit-card issuer for more leniency or better terms on paying late fees or interest rates, according to a new survey of more than 1,200 people conducted by personal finance website CompareCards TREE, +1.78%
• Among cardholders with an annual fee card, 39% of men had asked to have an annual fee waived or reduced in the past year versus 22% of women. ‘People have way more power with their credit card company than they realize. They just have to be willing to wield it.’ —Matt Schulz, industry analyst with CompareCards.com Overall, all consumers may be too hesitant when it comes to asking their card issuers for better terms or waived fees.
“People have way more power with their credit card company than they realize,” said Matt Schulz, industry analyst with CompareCards. “They just have to be willing to wield it.” By not doing so, they’re wasting money. Consumers were granted an average APR reduction of 6 percentage points, CompareCards found. For a consumer with a $5,000 balance on a credit card with an APR of 24%, lowering their interest rate to 18% would save them over $450 in interest. It would also make it possible to pay their credit card off more quickly.Women, in particular, stand to benefit from asking for better terms.
Heres an idea: Live within your means, don't charge more than you can pay off, and pay off your credit card in full every month.