Call at a good time: One of the simplest yet most effective negotiation tactics is to choose the right time to call a credit card company. Call first thing in the morning, as people are more likely to be pleasant and willing to help you out. If you call at the end of the day, people tend to be tired and cranky.
Let them know you will pay back your debt: What concerns credit card companies most are people who are trying all sorts of dirty negotiation tricks to get out of paying their debts altogether. It is crucial that you explain to them that you do intend to pay back your debt. What you are asking is some small help. If you do this nicely, you may be surprised how understanding credit card companies can be!
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.
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.
Ask for a lower interest rate: Unknown to many, credit card interest rates are often negotiable. If you have had a good payment history, you shouldn’t have any problems with requesting for a lower interest rate. Explain that you’ll be able to put more money towards paying off your principal balance instead of 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. If you have, leverage a solid credit history on top. An extra phone call, that is likely to be well worth the effort.
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 decision maker: An effective negotiation tip is to talk to the person in charge as soon as you can. When you first call, you will probably be diverted straight to a customer service representative. If this is the case, request to talk directly to the manager or another person who can make decisions. Don’t forget to write down all the names, designations, and contact details of everyone you talk to, as well as the time, day, and details of the discussions.
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