by Claire Bowes
Ok, letís face it, everybody hates high credit card rates, and
they drain hard earned money out of your wallet. As a valued
consumer, it is apparent that you learn how to negotiate to get
the absolute best rate that you possibly can. The good news
however is that it doesnít have to be a difficult or
time-consuming process. In fact, it can be very easy indeed if
you know what youíre doing. In this article we will discuss the
ins and outs of credit card negotiating to ensure that you get
the best possible rate with the least amount of effort.
1. First and foremost, you should figure out if you even want to
continue using your current credit card company. Are you pleased
with the overall service that you are receiving? Do you like
their benefits? If the answer is yes then you can proceed. If
not, you should stop reading this article and start looking for
a better company.
2. Second, you should evaluate your paying history and make sure
that it is positive before you call to negotiate. If it is
positive then you have power and if it isnít then youíll be
negotiating from a position of weakness and that might not be
good. Instead, you should wait until it is more positive before
you call them to negotiate rates.
3. Third, if you have a good history then remember this when you
call. In essence, youíll have extremely high negotiating power.
The company needs your business in order to be successful and
with clients they lose big time. Therefore, you should always
display this ďtake them or leave them attitudeĒ while conducting
4. Draft up a script and memorize it. It can be as simple as
ďHello, my name is Bill and I have been a cardholder for X years
and I consistently pay my bills on a time. Well recently I have
been receiving all types of credit card offers from XYZ bank
indicating that I qualify for an extremely low interest rate of
X and am considering leaving you and going there if you canít
offer me a lower rate. Is this something that you can help me
5. Practice, practice and practice some more with your script
until you are completely and totally used to it. Once you are,
contact the company. Read your script and see what happens.
6. If you get a hard nose customer service representative then
donít threaten her. Be agreeable and ask to speak to his/her
supervisor. If that is not possible, be nice to her and try
again she may have some leeway. If you like your present
company, you can even try negotiating interest rates, annual and
even those yucky late fees.
7. However, if youíre fed up, have an alternative company in the
wings, and your current company wonít budge with their rates
then be willing to take your business elsewhere. After all, you
hold the power so donít be afraid to use it! They key however is
to not bluff but to follow through with your threat. Close the
account, ask for them to send you notification in the mail,
cancel the credit card and use another card.
In conclusion, you can be successful with the negotiating
process if you follow the above mentioned tips. If your current
company is unwilling to cooperate then you should simply take
your business elsewhere. Youíre better off with another credit
card company that values your savvy negotiating skills!
About the author:
Claire Bowes is a successful freelance writer
and owner of the The Credit Card
Centre where you will find further advice and tips on the best credit card deals, and 0% credit cards.
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