The worst they can say is no — and they usually don't
APRs are usually determined by your, or your trustworthiness in paying back lenders. Carrying a balance on an account with a high APR can add hundreds of dollars to your debt load. A $7,000 balance on an account with 20% APR, for instance, will yield a $115 interest payment for the first billing cycle.
Of those who asked for a lower APR and were successful, rates dropped by six percentage points, on average, CompareCards.com found. Only one in five cardholders who were surveyed asked for an APR reduction in the past year, and men were more likely to do so. Those who didn't ask said they weren't aware they could. The survey also found younger cardholders were more likely to be granted a reduced APR.CompareCards.
A lower APR can make a difference of hundreds of dollars in interest payments. As Schulz puts it, a $5,000 balance with a 24% APR and $250 monthly payments will take 26 months to pay off, plus you end up paying about $1,450 in interest. With a 6% rate reduction, you can pay off the same amount in 24 months and save over $450 in interest.
It turns out banks are also lenient when it comes to fees and credit limits. CompareCards.com found 87% of people were successful in their request to waive a late fee, 79% of people were granted a higher credit limit, and 90% of people were able to get their annual fee waived or reduced just by calling to ask.
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