By Dorothy Tucker

(CBS) — Are credit card interest rates and fees taking a big bite out of your finances?

CBS 2 Cost Cutter Dorothy Tucker shows you how to keep more money in your pocket.

If you pay sky-high interest rates, just ask to bring them down to earth.

“Less than about one in 5 ever ask for their interest rate to be reduced on their credit card, but those who do ask, their success rate is about 70 percent,” says Matt Schulz of

To increase your chance of success, negotiate nicely, asking credit-card representatives if they can match offers from competitors.

Asking also works for reducing or waiving annual fees.  Eight out of 10 people who requested it were successful. Nine out of ten got late fees reversed.

“Banks have to be more competitive and have to be willing to work with you in order to keep your business,” Schulz says.

Baby Boomers and older Millennials  had the most success negotiating lower fees and rates.

Dorothy Tucker