By a show of hands, let me see how many of you have a credit card in your name. Uh-huh, I see these hands. It seems my audience is in line with national averages: about 70% of you have at least one credit card. And how would you rate your relationship with your card issuer?
If you have credit card debt, it really bothers you that the company is taking a lot of your money in interest and fees. In fact, some cardholders admit to feeling helpless in the mighty arms of the credit card giants who charge huge fees on top of double-digit interest rates. It has been said that the borrower becomes the slave of the lender. Truer words couldn’t be said about how it feels to be in debt with a credit card.
So, are you ready to do something about it? Of course, I know you’re doing your best to get out of debt and keep a credit card like a tool – not a noose. But even now, as you scramble yourself out of debt, there is something you can do to lower your interest rates and fees, and maybe even eliminate fees already charged.
You just have to ask. That’s right; just pick up the phone and ask. On the back of your credit card is a toll-free number for customer service. Call and make your request courteously. If you’ve been a good customer, you might be surprised to learn how quickly the company will comply with your request.
Because there is a lot of competition there. They know your mailbox is full of offers, and frankly, they don’t want to lose a valuable, profitable customer like you to another business. It’s cheaper for card issuers to take you a break than it is to lose your business and have to find a new customer.
There are several requests you should consider making: lower my interest rate; waive my annual fees; increase (or decrease) my credit limit to improve my credit rating.
Not too long ago, I suggested this to a group of blog subscribers and asked them to share their experiences.
Deborah reports: “My interest rate was lowered by 2 percentage points and I received 2,500 free miles, which I never thought I would ask for.”
Michelle writes: “My husband recently debited a card and we are over the limit. I called Capital One, and they waived the $ 39 fee because we never had over limit fees and our payments are always on time. “
Judy replied: “I called Capital One, with whom I have had a credit card for 10 years. I paid an annual membership fee every year. I spoke with customer service and politely asked if the annual fee of $ 95 could be waived. She referred me to an account specialist and, based on the longevity and “ impeccable ” status of my account, he offered me a one-time fee waiver and told me that they me. send a letter confirming this in writing. I am delighted! That five minute call put $ 95 back in my wallet. “
Are you ready to exercise the savvy muscles of your clients? Well, let the bargaining begin.