Make Your Credit Card Company Work For You!

Right now the credit card industry is a little haywire thanks to the economic meltdown we’re in.
Companies are cutting people’s credit limits without notifying them, and in some cases, even closing credit accounts without reason.

So, what should you do? I say turn the tables! Make your credit card companies work for you, instead of the other way around! If you pay your bills on time and have good credit, there are tons of ways to get a better deal out of your credit card companies - all you have to do is ask.

Each and every one of the strategies below can be accomplished with a couple of simple phone calls to your credit card companies. The amount of money you can save should more than make up for the time you have to spend on the phone!

You will almost certainly have to talk to a customer service manager to get these types of deals, so don’t waste too much time with the representative who answers the phone - just ask to speak with their manager or supervisor.

Get your fees removed:

Tell the supervisor you speak with that you are going to have to balance transfer your account unless they can help you. Remind them of your excellent payment history and the number of years you have had an account with them.

Step one is to ask for the removal of any and all fees that are currently on your credit card. *This step really only applies to you if you carry a balance on your credit cards. No company is going to write you a check for fees that you have already paid off!

If you have ever been over the limit, late or paid a membership fee on your credit card, and the charge still exists on your credit card balance, ask to have it removed.

Some credit card companies will only remove one fee of this type, while others will remove up to a years worth of late, over the limit and membership fees!

Lower your interest rate:

If the manager you are speaking with is helpful, go ahead and ask them to lower the interest rate on your credit card. If they are not helpful, and you had to argue to get your fees removed, just hang up and call back on a different day. Chances are you can start the conversation over with a new manager who will help you take the next step. Just pick your battles depending on how agreeable the manager is - but be persistent. All of these things are possible if you are patient, and polite.

When you request that your interest rate be lowered, you will have a couple of possible options. Your credit card company may offer to give you an temporary zero percent interest rate, or a permanently lowered interest rate that is a few points off from what you have. Make sure you understand whether or not the interest rate change is permanent, or temporary before you get off the phone so that you can budget accordingly.

Upgrade your credit card / increase your limit:

Depending on the temper of your customer service rep, again you may need to hang up and call back. Alternately you can remind the manager that you do intend to transfer your balance if they do not help you, and suggest they transfer you to their retention department if they have one. Most credit card companies do.

The retention department has a lot of room to negotiate with you and they excel at giving you what you want. In this case, consider asking if they can upgrade your credit card account to one with a permanently better interest rate, lower fees, or a higher limit.

Most people get comfortable with their credit cards and do not realize that everything is up for negotiation! Never forget that this is your money, and your credit on the line, so it’s worth a little haggle now and then to be sure that you are getting the very best deal possible when you borrow money.

Also, don’t forget that if your credit card company is completely rude and refuses to work with you that you really can balance transfer your debt to a credit card with better terms! There is no reason to pay more money in interest than you have to - especially if you regularly carry a balance on your credit cards.