Tip For Negotiating Your Credit Card Rates
September 17, 2008
The economy is sinking like a mob informant with cement shoes. Credit card companies are seeing delinquencies shooting through the roof. Everyone is tightening their belts.
It’s a perfect time to negotiate your credit card rates.
Think about it - if you’re paying the credit card company on time and have a good track record, they want to keep you doing so. If they don’t make you happy, you may either pay off the debt in full (bad for them because they lose all the income) or default (bad for them because they lose all the income).
If you think “scripts” are just for actors, then chances are that you’ve never tried to negotiate with your lenders. Many customers mistakenly believe that once they’ve agreed to credit card terms, no matter how unreasonable, they are stuck with them for the foreseeable future. Prime rate goes up . . . prime rate goes down . . . and you may feel as though you’ve been tossed into a sea of debt without a paddle. If this sounds like your situation, then a little bit of “acting” may go a long way toward renegotiation of your credit card rate. The following script is excerpted from an article from Bankrate.com and can be adjusted to fit your own situation as needed :
Hi, my name is [Your Name]. I am a good customer, but I have received several offers in the mail from other credit card companies with lower APRs. I want a lower rate on my card, or I will cancel my card and switch companies.
If you aren’t able to get the rate you’re hoping for, ask for a manager, and if that doesn’t work, try back on another day to see if you get a customer service representative that is a bit more sympathetic to your cause.
While rate renegotiation may not work for everyone (especially if you’ve been late on payments), it never hurts to try; and if it works, you’ve just saved yourself a substantial amount of money in a relatively short amount of time.
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