How to Get Credit Card Late Fees Waived

Paying credit card bills late can have a nasty impact on your credit score. To add insult to injury, you’ll also get hit with late fees. Is there any way to avoid these charges?

According to CreditCards.com, it’s relatively easy to get those fees waived most of the time. You simply have to ask.

In fact, the credit card marketplace found that late fees are waived 86% of the time for those who ask.

But there’s a catch: the company found that wealthier customers (with family incomes over $75,000) stand the best chance of having those fees waived once requested. They also stand a much better chance of asking for — and getting – an interest rate reduction on their cards.

None of this means that people who make less money shouldn’t ask for special consideration from their credit card issuer. CreditCards.com said that now is the best time in years to ask credit card issuers for a break, since competition is fierce for consumer credit business these days.

Credit issuers get friendlier when interest rates are low, consumers are spending, and banks are feeling the heat of competition.

Still, the company found that only 28% of American cardholders have asked to have a late payment fee waived; just 23% have asked for a lower interest rate.

While it’s best to avoid getting dinged for those fees by paying bills on time, there are times when unexpected financial events (or a simple lapse in memory) cause us to be late. When that happens, it often pays to call the issuer and ask for a late payment waiver.