Credit card companies will waive interest on a case-by-case basis, depending on both the credit card company’s policies and the cardholder’s relationship with the company. Cardholders with a long and positive account history have a better chance of getting interest charges waived, especially if the person doesn’t have a history of carrying a balance or asking for fee waivers. However, even the best account history doesn’t guarantee that a card issuer will agree to take back an interest charge.
If you’d rather not pay an interest charge on your credit card bill – especially if you’re in a period of economic hardship that’s out of your control – there’s no harm in asking your card issuer to remove it.
How to Waive Interest on a Credit Card
The best way to go about asking your credit card company to waive interest charges is to call customer service and explain the situation that caused the interest. Being late on a payment or only paying the minimum amount due will trigger an interest charge, for example. And if you usually pay on-time and in full, the card issuer is likely to grant an interest waiver, as long as their policy allows it.
Credit card companies are in heavy competition for your business, and many will do what it takes to keep you on as a customer - including occasionally waiving interest and fees. For example, 41% of people who have asked their card issuer to waive a fee have been successful, according to a WalletHub credit card survey, but 1 out of 3 people have never attempted it.
This answer was last updated on 06/21/24 and it was first published on 04/09/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
