Call at the right time: Choosing the right time to call a credit card company is one of the simplest, yet most effective negotiation tactics. Call them early in the morning, as this is the time when people are in the best mood and more likely to be supportive to your case. Don't call at the end of the day, when everybody is tired and grumpy.
Let them know you will pay back what you owe: Credit card companies are most concerned about people who try to get out of paying their debts altogether using various dirty negotiation tricks. It is important to stress that you do intend to pay them back, all you need is a bit of help from them. You will be surprised at how positive credit card companies can react to this approach. This is a very simple, yet effective negotiation technique.
Take advantage of your first time: If you have not asked for a lower interest rate or to have a late fee waived with this credit card company before, make sure you tell them. These companies are usually much more generous with first time offenders than with those asking for extensions on a monthly basis.
Demonstrate your loyalty: If you are a long-time customer or if you have spent a lot of money with the credit card company for years, try to take advantage of it. After all the long term success of these companies depends on people who spend money on their credit cards.
Request a lower interest rate: Unknown to most, rates on credit cards can often be negotiated by those with good negotiation skills. If you have a good payment history, you should be able to get a lower interest rate. Especially, if you can explain that you'll be able to put more money towards paying off your actual balance rather than your interest rate charges.
Have late payment fees waived: This is such a simple, yet very effective bargaining tactic. Late payment fees can usually easily be waived if you settle your bill within a short period of the due date. Haggling down fees tends to be much easier than haggling price. If you have, leverage a solid credit history on top. An extra phone call, that is likely to be well worth the effort.
Ask to miss a payment: If you are experiencing a momentary financial setback but expect to get your finances in order in the near future, explain your situation to the credit card company and respectfully ask if you would be allowed to miss one or two payments. Take note, however, that these skipped payments may reflect negatively on your credit report.
Speak to the right person: A good negotiation tip is to always try to speak to the person in charge. Your initial concerns will likely be handed to a customer service representative, but request that you speak directly to the manager or another individual who has the authority to make decisions. Remember to write down the names, designations, and contact details of everyone you speak with, as well as the time, day, and particulars of your conversation.
Let them know you will pay back what you owe: Credit card companies are most concerned about people who try to get out of paying their debts altogether using various dirty negotiation tricks. It is important to stress that you do intend to pay them back, all you need is a bit of help from them. You will be surprised at how positive credit card companies can react to this approach. This is a very simple, yet effective negotiation technique.
Take advantage of your first time: If you have not asked for a lower interest rate or to have a late fee waived with this credit card company before, make sure you tell them. These companies are usually much more generous with first time offenders than with those asking for extensions on a monthly basis.
Demonstrate your loyalty: If you are a long-time customer or if you have spent a lot of money with the credit card company for years, try to take advantage of it. After all the long term success of these companies depends on people who spend money on their credit cards.
Request a lower interest rate: Unknown to most, rates on credit cards can often be negotiated by those with good negotiation skills. If you have a good payment history, you should be able to get a lower interest rate. Especially, if you can explain that you'll be able to put more money towards paying off your actual balance rather than your interest rate charges.
Have late payment fees waived: This is such a simple, yet very effective bargaining tactic. Late payment fees can usually easily be waived if you settle your bill within a short period of the due date. Haggling down fees tends to be much easier than haggling price. If you have, leverage a solid credit history on top. An extra phone call, that is likely to be well worth the effort.
Ask to miss a payment: If you are experiencing a momentary financial setback but expect to get your finances in order in the near future, explain your situation to the credit card company and respectfully ask if you would be allowed to miss one or two payments. Take note, however, that these skipped payments may reflect negatively on your credit report.
Speak to the right person: A good negotiation tip is to always try to speak to the person in charge. Your initial concerns will likely be handed to a customer service representative, but request that you speak directly to the manager or another individual who has the authority to make decisions. Remember to write down the names, designations, and contact details of everyone you speak with, as well as the time, day, and particulars of your conversation.
About the Author:
Martin P Collins is a negotiation expert at Geneva Education who often gives very useful advice in his articles and blog posts. Look here to learn some of his most common negotiation tricks. Or visit here for further negotiation tips.
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