Ask Away

You’ve likely heard the phrase, “there are no bad questions,” in an educational setting. But have you ever thought about how it can be applied to finances as well? The fact is, asking questions is a great pathway toward increasing your savings. Here are a few examples of inquiries that just might give your wallet a boost.

How About a Raise?

According to a survey from PayScale.com, last year just 37 percent of adult American workers asked for a raise. Of those who asked for a pay increase, 70 percent received it. That’s compared to just 30 percent of workers who didn’t ask for a raise and were given one. In other words, it’s time to ask for a pay bump. The worst that can happen is that you’re denied. Just remember, when you approach your boss, explain to her why you deserve the raise, not why you want or need it.

Could You Please Waive That Fee?

If you get hit with a late fee for missing a payment on your credit card, don’t hesitate to call your card company and ask for it to be waived. Studies show that almost 90 percent of consumers who ask credit card companies or banks to rescind a fee are granted their request. Note: This only works if you don’t repeatedly ask for fee waivers. However, if you’re a good customer, companies will be more than happy to do what it takes to keep you around.

Could You Lower My Rate?

Another credit card related question that’s worth asking concerns your interest rate. CNBC reports that about 80 percent of people who asked their card issuer for a lower rate were approved. Unfortunately, just 20 percent of consumers said they’ve tried this tactic. Just like asking for a raise, the key here is to be prepared to explain why you deserve the lower rate. You can cite your payment history or even some counter, lower-rate offers from other credit cards.