Many customers miss out on lower credit card interest rates, says Fool
Many consumers are missing out on lower interest rates on their credit cards due to the fact that they believe annual percentage rates (APRs) are set in stone, it has been suggested.
Many customers miss out on lower credit card interest rates, says Fool
According to a new study by Fool.co.uk, a quarter (25 per cent) of people do not know how much interest they pay on their credit cards, while more than three-quarters (76 per cent) do not know that these rates can be negotiable.
The research indicated 13 per cent of customers have tried to haggle for a competitive rate on their credit card - and ten per cent of these people have succeeded in doing so.
David Kuo, financial expert at the organisation, says that if consumers pay off their credit card balances in full, APRs do not come into the equation, but if they do affect people, they are "probably paying more" than they need to.
He suggests: "If you are unhappy with the interest rate you are paying then it can't hurt to ask for a better one. If you don't ask, how do you know you won't get it?
"The worst thing that can happen is that they say no."
People eager to pick up a few presents using their credit card on the internet were recently advised by Danny Harrison, identity theft manager for CPP, to ensure they were careful with their personal details to avoid fraudulent activity.
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