Making a call to your credit card company can make a big difference in reducing your future card debt.
It's no secret that the fees associated with using credit cards contribute to the difficulty of paying them off.
The original cost of the purchase you made using your card can double if you miss even one payment.
Credit cards carry many fees.
Interest rates, finance charges and miscellaneous fees seem to multiply with every statement.
Reducing-even eliminating one fee per card can make a big difference in the long run.
Before you make the call to your credit card company make some notes for yourself.
List out the things that you want from them and the reasons why you think your request is fair.
Have your statements available for reference during the call.
Have a bargaining chip handy.
A bargaining chip is the action that you will be prepared to follow through on if they say no to your request.
Examples of bargaining chips: - Closing your credit card once it's paid off.
- Not using your card for future spending.
- Explain that you have received a request in the mail for a card with a lower rate and you will be transferring your balance to that card.
- Requests for the Credit Card Company Ask them to waive your late payment fee.
This may only work if you have a fairly good track record for paying on time.
For example: You paid your credit card bill late last month and were charged a fee.
If you have a track record of on time payments, with the exception of the last one, use that as your bargaining chip.
Explain to the representative that given your track record you would like to have the last late payment fee waived.
Ask them to waive your annual fee.
Annual fees are costly and they add to the bottom line.
It is easy to forget that they even get charged to your card until you see the fee on the statement.
It is best to negotiate before the fee gets charged.
Making a call to request that this fee be waived will most likely be met with success.
Request a lower interest rate.
Decide on an interest rate that you want to request before making the phone call.
You can compare interest rates by looking online.
Contact your credit card company and request that your interest rate be lowered to the amount that you think is fair.
Be prepared to decide on a compromise.
If your interest rate is at 20% and you are asking for a reducing to 5%, you should be prepared to compromise on a rate that falls somewhere in the middle.
It's no secret that the fees associated with using credit cards contribute to the difficulty of paying them off.
The original cost of the purchase you made using your card can double if you miss even one payment.
Credit cards carry many fees.
Interest rates, finance charges and miscellaneous fees seem to multiply with every statement.
Reducing-even eliminating one fee per card can make a big difference in the long run.
Before you make the call to your credit card company make some notes for yourself.
List out the things that you want from them and the reasons why you think your request is fair.
Have your statements available for reference during the call.
Have a bargaining chip handy.
A bargaining chip is the action that you will be prepared to follow through on if they say no to your request.
Examples of bargaining chips: - Closing your credit card once it's paid off.
- Not using your card for future spending.
- Explain that you have received a request in the mail for a card with a lower rate and you will be transferring your balance to that card.
- Requests for the Credit Card Company Ask them to waive your late payment fee.
This may only work if you have a fairly good track record for paying on time.
For example: You paid your credit card bill late last month and were charged a fee.
If you have a track record of on time payments, with the exception of the last one, use that as your bargaining chip.
Explain to the representative that given your track record you would like to have the last late payment fee waived.
Ask them to waive your annual fee.
Annual fees are costly and they add to the bottom line.
It is easy to forget that they even get charged to your card until you see the fee on the statement.
It is best to negotiate before the fee gets charged.
Making a call to request that this fee be waived will most likely be met with success.
Request a lower interest rate.
Decide on an interest rate that you want to request before making the phone call.
You can compare interest rates by looking online.
Contact your credit card company and request that your interest rate be lowered to the amount that you think is fair.
Be prepared to decide on a compromise.
If your interest rate is at 20% and you are asking for a reducing to 5%, you should be prepared to compromise on a rate that falls somewhere in the middle.