Lowering your credit card interest rate is easier than you think

A new report suggests that credit card holders could get lower interest rates and late fees waived if they ask.

The report, released this week by CreditCards.com, found that nearly 90 percent of cardholders who asked their credit card issuers to waive a late payment fee were successful. The report also found that two-thirds of cardholders who asked for a lower rate also were approved.

“We were surprised with the success rate,” said Matt Schulz, CreditCards.com’s senior industry analyst. “It’s probably the best time in years to ask credit card issuers for a break.”

But only about one-fourth of the credit card holders surveyed for the report asked for a break on their credit card bills. Only 28 percent of cardholders have asked for a late fee to be waived. And only 23 percent have asked for a lower interest rate.

The report, which questioned 983 holders of major credit cards, found that older people are more likely to have their requests approved.

This story was originally published September 25, 2014 at 4:33 PM with the headline "Lowering your credit card interest rate is easier than you think."