Tips For Negotiating Credit Card Terms

I thought it might be helpful to some of our readers if we laid out some tactful tips for successfully negotiating better credit card terms with their respective credit card companies. And yes, in case you didn’t know, you can negotiate a better deal with your credit card providers.

No matter what the issue at hand may be, credit card issuers are willing to do whatever is necessary to keep their current cardholders happy and loyal customers. So whether you are looking for lower interest rates, annual fees waived, or to have late fees forgiven, follow our advice and you will be surprised at what you can accomplish.

Before we lay out our tips for negotiating more favorable credit card terms remember two things above all others:

  1. Be Respectful and Polite
  2. Be Persistent

With that said let’s get started.

  • First and foremost, remember to always be polite and respectful to whomever you deal with. You are the one asking for special consideration so always present yourself in a professional manner.
  • If you do not have any luck with the first person you speak with then try, try again. When you call back the odds are great that you will get another customer service rep on the phone and they may be more willing to offer you more favorable terms. Persistence pays.
  • Following along with the previous tip, if you do not have any luck dealing with the customer service reps then politely request to speak with a supervisor.
  • While you are being transferred to the supervisor you will be put on hold… maybe for a long period of time – DO NOT hang up. They actually want you to hang up and just go away, but we’re not going to do that.
  • Be organized. Have all of your credit information laid out in front of you. It is important that you know what your current interest rate is, your account balance, fees and their amounts.
  • If you are currently experiencing financial hardships, do not be embarrassed to let your credit card company know. They want to keep you as a customer and are willing to do whatever is reasonable to retain you.

You must realize that as a cardholder in good standing you have more leverage than you may have previously thought. Credit card companies pay approximately $300 in marketing costs to bring in each new customer. They do not want to lose you.

You are valuable in many more ways than you know my friends… don’t ever forget that.

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