Report: Negotiate with credit cards
A new report says that credit card users across the country and in the Hudson Valley can save money with just a simple phone call.
According to a creditcards.com report, 87 percent of cardholders who asked for a late fee to go away got that fee removed. "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.
Schulz says that all you have to do is look at the back of your card and call the 800 number.
And it's not just late fees. Schultz adds that you can also ask your card to lower interest rates, waive your annual fee, or raise your credit limit. "People would be stunned at how successful you could be at these requests. For example, about 90 percent of people who asked to have their credit limit raised, got that request granted."
Raising your limit can boost your credit score and end up saving you money. "If you are a little nervous about making the call to the bank, just remember the worst thing that can happen is they tell you no. But the best thing that can happen is that you get to keep some of that hard earned money in your pocket instead of handing it over to the credit card company in the form of fees or interest."