Some tips to reduce your credit card fees

Best advice: It never hurts to ask — just don’t be a jerk about it

Getting your credit card company to treat you better may be easier than you think.

Nearly 90 percent of consumers who asked their card issuer to reverse a late fee were successful, according to a report by the credit card comparison site Creditcards.com.

The study also found that almost 70 percent of people who asked got their interest rate cut.

Perhaps most surprising, roughly half of cardholders with premium travel reward cards that typically carry a stiff annual fee were able to get that fee waived. Another 30 percent got the fee reduced.

“People have far more power with their credit card company than they realize,” said Matt Schulz, senior industry analyst at Creditcards.com. “You need to wield that power. It can save you some real money.”

Despite the high success rate, only about half of those surveyed asked for such breaks. Many people probably don’t bother to call because they assume they’ll be shot down, Schulz said.

People earning more than $75,000 a year were more likely to be successful negotiating annual and late fee waivers, but income level did not appear to affect success in snagging a lower interest rate, according to the report.

“There’s no harm in asking,” said Bill Hardekopf, CEO at Lowcards.com, another card comparison site. “All they can do is say no. They’re not going to jack up your rates” as punishment.

In general, the best way to ask for better terms is to be polite, Schulz said.

“Rule No. 1 is don’t be a jerk,” he said. “Even if a company typically would give you a break, if you are a jerk or mean-spirited, they might not work with you.” Persistence also pays, Hardekopf said. If a request is denied, politely ask to speak to a supervisor, he said. “He or she may have the ability to grant the request whereas the first person answering the phone may not.”

Getting a late fee removed can be as simple as saying, “I was busy and forgot to pay.” That’s because many card issuers will forgive a late fee occasionally as a courtesy, no questions asked.

“If it’s your first time in a long time being late, there’s a really good chance all you will have to do is call up and ask politely, and they will waive the fee,” Schulz said.

When it comes to asking for a lower interest rate, the best tactic is to come armed with other offers found online or in the mailbox.

“Say, ‘Hey, can you match this?’ If they don’t work with you, you can walk away and take that other offer,” Schulz said.

The most common request in the Creditcards.com survey was for a higher credit limit, which was granted almost 90 percent of the time.

Schulz said getting a higher credit limit can help people raise their credit scores.

“Assuming you don’t go crazy with all that extra credit, the fact that you have a higher credit limit can help your utilization rate (total credit card balances as a percentage of available credit), which is a significant part of your credit score,” he said.

Even if a particular request is denied by the card issuer, it may ultimately be worth making the effort to call, experts say.

“Even if you don’t entirely get your way, there is a good chance you will get something,” Schulz said.

For example, the issuer may offer a bonus, such as some extra reward points or miles, to try to keep people from canceling their cards.

The high overall success rate in the report shows how competitive the credit card marketplace is nowadays, he said. Issuers “clearly are willing to negotiate and bend over backwards to keep current customers in the fold.”