Credit Card Companies Will Waive Fees On Late Payments, You Just Have To Ask

PRESIDENT TRUMP DOES AND SAYS IS FAIRNESS Reporter: WE TALKED ABOUT THAT

MOURNED THAT COMING UP IS YOUR CREDIT CARD DEBT PILING UP? LOWING YOUR BILLS COULD BE AS SIMPLE AS MAKING A PHONE CALL Reporter: SOMETIMES IT IS JUST A MATTER OF ASKING THE SQUEAKY WHEEL GETS THE GREASE Reporter: I AM TALKING CREDIT CARDS AND ALL THOSE FEEDS — FEES

MANY THINK IT IS A WASTE OF TIME TO CALL AND COMPLAIN I HAVE HEARD THAT YOU COULD GET AWAY WITH ONE LATE PAYMENT BUT AFTER THAT THEY DO NOT DO ANYTHING IF YOU ASK, USUALLY THERE IS ONE TIME Reporter: THAT IS A COMMON BELIEF BUT IN OUR RECENT STUDY A PHONE CALL MIGHT WORK MORE OFTEN THAN YOU THINK AND NEVER HURTS TO ASK, THE WORST THING THAT COULD HAPPEN, IS THAT THEY WILL SAY NO

BUT, IF THEY SAY YES, GOOD THINGS COULD HAPPEN THE CARDS, YOU CANNOT LIVE WITHOUT THEM AND I HAVE A NUMBER OF THEM MYSELF WE ALL COMPLAIN ABOUT ANNUAL FEES, BUT ONE OUT OF FIVE OF US EVER CALLS OUR CREDIT CARD COMPANY THAT IS A SHAME, BECAUSE IF YOU DO YOU MAY SAVE MONEY HAVE YOU EVER ASKED THE CREDIT CARD COMPANY TO WAIVE A LATE FEE? ALL THE TIME

Reporter: ALL THE TIME? FIVE TIMES A YEAR Reporter: ARE USED TO ASSESSABLE? — ARE YOU SUCCESSFUL? ALL THE TIME Reporter: THEY CHECK ON GETTING A LOWER ANNUAL FEE AND 56% GOT LOWER FEES FAR TWO PEOPLE — FAR TOO MANY PEOPLE DO NOT ASK Reporter: THE PROFESSOR SAYS THAT CREDIT CARD COMPANIES WILL CUT A DEAL IN ORDER TO KEEP A CUSTOMER

THEY DO NOT WANT TO LOSE YOU AS A CUSTOMER THAT IS WHAT IT PEARLS DOWN TO THE CREDIT CARD INDUSTRY IS SO COMPETITIVE Reporter: THE INDUSTRY MAKES MONEY ON THOSE WHO PAY THE MONTHLY MINIMUM AND KEEP A BALANCE ON THEIR CARD REQUIRING INTEREST PAYMENTS IF YOU HAVE A HALF DECENT CREDIT RATING THEY DO NOT WANT TO LOSE YOU AS A CUSTOMER

THEY WOULD RATHER HAVE YOU PAY THE MINIMUM PAYMENT A MONTH AND HALF YOUR BALANCE AND THEN HAVE A ENTRANCE CASH FLOW HAPPENING Reporter: WITH SPECIAL DEALS TO GET YOUR BUSINESS, IT IS A GOOD TIME TO BARGAIN WITH YOUR CARD COMPANY BECAUSE THE INDUSTRY IS SO COMPETITIVE THERE IS ALWAYS SOMEWHERE ELSE TO GO UNLESS YOU HAVE AN ABSOLUTE HORRIBLE CREDIT SCORE YOU COULD ALWAYS GO SOMEWHERE ELSE THAT'S WHY THEY DO IT

THEY WAIVE THOSE FEES ALL THE TIME Reporter: 85% OF THOSE WHO ASK GET HIGHER CREDIT LIMITS ON THEIR CREDIT CARDS THAT'S WHAT SHE DID WAS IT SUCCESSFUL?