The one thing you can do to save on your credit card

KWIDZYN, POLAND - APRIL 10, 2014: Closeup of VISA credit card isolated on white background. VISA is one of the three biggest brands. First VISA card was issued in 1958


NEW HAVEN, Conn. (CNN) — Getting out of credit card debt can be difficult, especially when you are dealing with fees and interest rates. The one thing you can do now that may help your finances.

You’ve heard the phrase: you can’t win if you don’t play? Well same goes for your bills. You can’t get a lower rate if you don’t at least ask. It’s easy to use your credit card but contacting your credit card company seems to be much harder.

It shouldn’t. According to a creditcards.com report, 87 percent of cardholders who asked for a late fee to go away, got that fee removed.

“People have a lot more power in negotiating with their credit card issuer than they think they do,” said Matt Schulz, a creditcard.com senior industry analyst.

All you have to do is look at the back of your card and call that 800 number and it’s not just late fees. You can also ask your card to lower interest rates, waive your annual fee, or raise your credit limit.

“People would be stunned at how successful you could be at these requests. For example, about 90 percent of people who asked to have their credit limit raised, got that request granted,” said Matt Schultz, a credit cards dot com senior industry analyst.

Which can boost your credit score and end up saving you money.

“If you are a little nervous about making the call to the bank, just remember the worst thing that can happen is they tell you no. But the best thing that can happen is that you get to keep some of that hard earned money in your pocket instead of handing it over to the credit card company in the form of fees or interest,” Schulz added.

If you have multiple cards with debt, you might consider doing a balance transfer onto one card and taking advantage of a “0% APR for a year” offer to get ahead.

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