Thrifty Thinking: Waiving Credit Card Fees

Men are twice as likely as women to get a credit card annual fee waived, according to a new WalletHub survey, released today. The survey aimed to learn about Americans’ experiences calling credit card customer service departments, and whether or not they found the process helpful. Calling customer service can help solve problems and get cardholders better terms, but the experience isn’t the same for everyone. Below are a few key stats from WalletHub’s survey, along with a Q&A with WalletHub CEO Odysseas Papadimitriou.

Key Stats

• Nearly 1 in 2 Americans would rather call their in-laws than their credit card company.
• Millennials are three times as likely as baby boomers to be denied a credit limit increase.
• 3 in 4 consumers agree that calling customer service is worth it.
• Nearly 1 in 5 people have yelled at a customer service representative.

 
Q&A with Odysseas Papadimitriou, CEO of WalletHub

What advice do you have for interacting with a credit card company’s customer service department?
“When interacting with a credit card company’s customer service department, it’s very important to keep your emotions in check and to always remain polite. Minding your manners goes a long way when dealing with people who are getting yelled at all day,” said WalletHub CEO Odysseas Papadimitriou. “Being prepared is important, too. For example, it can be helpful to do your homework ahead of time, so you know what you’re looking for and which customer service number to call. And when you do call, take your time.”

What are the biggest mistakes people make when dealing with credit card customer service?
“Simply failing to call customer service in the face of a question or account issue is one of the biggest mistakes credit card users make when it comes to customer service. And that is caused, at least in large part, by mismanaged expectations. People often assume customer service calls will take forever or be confrontational, so they put them off,” said WalletHub CEO Odysseas Papadimitriou.

What advice do you have for the 1 in 4 people who say calling credit card customer service is not worth it?
“Calling customer service is a waste of time for many simple questions such as what your balance is or where to send a payment, but for more complex issues, such as getting a fee waived or addressing a suspicious charge, it can be very valuable,” said WalletHub CEO Odysseas Papadimitriou. “Among credit card users who have called customer service, 7 in 10 have gotten a fee waived before, while 3 in 10 have received a lower APR and 9 in 10 have been granted a higher credit limit.”

A copy of the full report can be found at https://wallethub.com/blog/credit-card-customer-service-survey/66682/.