Getting a credit card company to lower interest rate or waive late payment is not that hard. Based on a new survey, all a card holder needs to do is ask and most likely it will be approved.

In the study conducted by in July 2014, 65 percent of those who asked for rate reduction got approved. Moreover, the success rate for asking to reverse a late payment fee is about 86 percent.

Despite this high success ratio, the study uncovered that very few use this method.

Among the 893 credit card holders surveyed, only 23 percent asked to reduce credit card rate and 28 percent requested late payment fee waiver.

Success rate is also higher based on age and income level. Cardholders between 30 and 64 years old are more likely to get a request granted compared to younger or older cardholders.

Likewise, cardholders who earn more money will get interest rate reductions at a higher rate.

It is interesting to note this method is effective regardless if the credit card holder is working full time, part time or even unemployed.

Some credit counselors believe most credit card companies are very willing to negotiate to motivate cardholders to continue paying and avoid filing for bankruptcy. Competition is also a big factor why these companies are flexible about these terms.

Have you tried asking a credit card company to lower your interest rate or waive a late payment fee? Share your experience here.