Should you give your kids access to your credit card?

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In fact, many people who ask their card company for a break, get it.

A study finds that 80 percent of cardholders who asked to waive an annual fee or have it reduced were successful. Most get the fee waived entirely, while a smaller portion receive a fee reduction, according to a CreditCards.com report released Monday that surveyed around 950 card users.

In fact, almost 9 in 10 cardholders (89%) received a higher credit limit when they asked their credit card issuer.

"This is all further proof of what a buyer's market the credit-card world is and how much power people have, even if they don't realize it", says Matt Schulz, a senior analyst at CreditCards.com.

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And if you'd like a lower rate, more reasonable annual fee or a late fee waived, now is the time to ask.

He says this is also a good time to shop for a new card. If you can run your tax bill through your credit card and can afford to pay it off without carrying a balance, simply compare the credit card processing fees with the value of the rewards and go with the more economical approach.

When you buy something with a credit card, the merchant pays processing fees to the financial institutions that handle the transaction.

Couples are granted more help with late fees on average than singles. The worst thing the issuer can say is "no", and a short phone call could end up saving you hundreds of dollars. "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". "A credit-limit increase can improve your credit score by improving your utilization rate", or the percentage of your limit that you spend every month. So rare that only 1 in 9 Americans can claim they're members of this elite club. The Motley Fool has a disclosure policy.

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