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 this is the first time to request a lower interest rate or have a late fee waived, be sure the credit card company knows this. These companies show a lot more leniency for first-time offenses as opposed to monthly requests for an extension.
Show them you are a loyal customer: If you've been a long-time customer or a big spender for several years, use this to your advantage. By reminding a company of your loyalty, you'll find that they will be more willing to renegotiate your credit card debt because they don't want to lose your business.
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.
Get relief from late payment fees: This is a very easy, yet effective bargaining tactic. Late fees, like other fees, can easily be waived if you pay your bill within a few days of the due date. Haggling down fees tends to be much easier than haggling price. A solid credit history can be used as leverage, and may be well worth the effort to make that extra phone call.
Request to miss a payment: If you have had some unexpected financial issues that you are expecting to resolve in the coming weeks or months, explain your situation honestly to the credit card company and ask very carefully if you could miss a payment or two. Beware though that these kind of skipped payments may have a bad impact on your credit rating.
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 this is the first time to request a lower interest rate or have a late fee waived, be sure the credit card company knows this. These companies show a lot more leniency for first-time offenses as opposed to monthly requests for an extension.
Show them you are a loyal customer: If you've been a long-time customer or a big spender for several years, use this to your advantage. By reminding a company of your loyalty, you'll find that they will be more willing to renegotiate your credit card debt because they don't want to lose your business.
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.
Get relief from late payment fees: This is a very easy, yet effective bargaining tactic. Late fees, like other fees, can easily be waived if you pay your bill within a few days of the due date. Haggling down fees tends to be much easier than haggling price. A solid credit history can be used as leverage, and may be well worth the effort to make that extra phone call.
Request to miss a payment: If you have had some unexpected financial issues that you are expecting to resolve in the coming weeks or months, explain your situation honestly to the credit card company and ask very carefully if you could miss a payment or two. Beware though that these kind of skipped payments may have a bad impact on your credit rating.
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 bargaining tactics. Or visit here for more tips to develop good negotiation skills.
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