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Credit card companies will waive interest on a case-by-case basis, depending on both the credit card company’s policies and the cardholder’s relationship with the company. Cardholders with a long and positive account history have a better chance of getting interest charges waived, especially if the person doesn’t have a history of carrying a balance or asking for fee waivers. However, even the best account history doesn’t guarantee that a card issuer will agree to take back an interest charge.
If you’d rather not pay an interest charge on your credit card bill – especially if you’re in a period of economic hardship that’s out of your control – there’s no harm in asking your card issuer to remove it.
How to Waive Interest on a Credit Card
The best way to go about asking your credit card company to waive interest charges is to call customer service and explain the situation that caused the interest. Being late on a payment or only paying the minimum amount due will trigger an interest charge, for example. And if you usually pay on-time and in full, the card issuer is likely to grant an interest waiver, as long as their policy allows it.
Credit card companies are in heavy competition for your business, and many will do what it takes to keep you on as a customer - including occasionally waiving interest and fees. For example, 41% of people who have asked their card issuer to waive a fee have been successful, according to a WalletHub credit card survey, but 1 out of 3 people have never attempted it.
People also ask
Can you negotiate a lower credit card interest rate?
Hi! Yes! It is definitely worth calling and asking them. You may need to make more than one call until you get a person who has the authority to make that change, but it can't hurt to call and ask. I'd do a bit of research first to see what the interest ranges are that the credit card company operates in so that you know where you might fall. You could also send an email...
read full answer by Kathryn B. Hauer, CERTIFIED FINANCIAL PLANNER (TM)How do you get a credit card annual fee waived?
You can get your credit card annual fee waived by getting a credit card that waives the annual fee during the first year as a promotion, or one with no annual fee at all. Alternatively, you can call the issuer’s retention line, but it is not guaranteed that it will work. Beyond that, you’re unlikely to get your credit card’s annual fee waived unless you’re an active-duty member of the military.
Being well-informed about...
read full answer by WalletHub, Financial CompanyHow much will a credit card company settle for?
A credit card company will settle for anywhere between 30%-80% of the balance owed. Credit card companies tend not to publicize settlements, so there are no hard statistics on success rates or settlement amounts. However, a creditor won’t accept less than you owe if they have reason to believe you’re capable of paying the full amount.
Key Facts About Credit Card Settlements
- Credit card companies are most likely to consider debt settlement...
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