In business, everything is negotiable. Forget about the fixed interest rates and late payments. Your lender has the power to lower or remove these rates so you can enjoy a better credit card deal. That is, if you have a successful negotiation.
The key to negotiating better credit card deal is to convince your lender that you deserve it. How will you convince the lender if you are not convinced about yourself? If you believe that you deserve better deals, then start negotiating better credit card deals by following these tips:
- Threat. Threaten you lender that you have better options. Don’t threaten as if you are obviously threatening the credit card company. Better say that you found a credit card company offering you better deals, say lower rates, and that you are considering their offer. Don’t make up stories, though. Your credit card company will never believe your stories without proof. They will check if your specified credit card company is really offering better deals. If you are found to be lying, that will leave a negative mark on your record.
- Honest and firm. As mentioned, you should believe that you deserve a better deal. Now, decide what “better deal” you want. Will you demand lower rates, no penalty for late payments, or more rewards? What is the least good deal you can accept? Stick to that when negotiating with the credit card company. Remember that they will try their best to convince you that your current deal is already good. Be firm on what you want. Learn to say “No” to offers that may be worth considering but is not really what you wanted.
- Track record. Get your financial statement to prove that you do not, if not rarely, have late payments. Your financial statement will also tell something about how worthy you are as a client depending on how much you earn and how much you are spending. If you have a good financial record, you will have more chances of getting better credit card deal.
- Talk with the decision-maker. You’ll often be answered by a customer representative when you call the credit card company. These representatives will usually tell you that the rate is already fixed and there is no way to negotiate it. If that’s the case, tell the customer representative that you want to talk with the supervisor or anyone who have the authority to grant you request.
- Start your transfer. Ask the credit card company to close your account. This will prove that you are serious about changing a credit card company. You’ll most likely be referred to their closing specialist. This specialist will offer incentives to convince you to stay with the company. If the offer is good enough to stay, then stay. But if not, then start to say goodbye and process your transfer to another credit card company.
Honesty, being firm, and your belief that you deserve a better deal should be your inspiration to win the negotiation. It may be tough but if there’s no reason to turn down your request, the credit card company will most likely grant that.