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! This is a very simple, yet effective negotiation technique.
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 reduced interest rates: Not many people know this, but credit card interest rates are usually negotiable for those with good negotiation skills. If you have a reasonably acceptable payment history, you should have no issues with requesting a reduced interest rate. Bring across the point that you'll be able to use more of your money paying off your balance rather than your interest rate charges.
Have late fees waived: This is a simple, yet very 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. A solid credit history can be used as leverage, and may be well worth the effort to make that extra phone call.
Ask to miss a payment: If you are experiencing a momentary financial setback but expect to get your finances in order in the near future, explain your situation to the credit card company and respectfully ask if you would be allowed to miss one or two payments. Take note, however, that these skipped payments may reflect negatively on your credit report.
Get to the decision maker as fast as possible: A good negotiation tip is to always attempt to speak to the person who can call the shots. Your initial call will likely be handed to a customer service representative, but you should ask to talk directly to the manager or whoever has the authority to make decisions. Write down the names, titles, contact details and timing for every call you make.
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! This is a very simple, yet effective negotiation technique.
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 reduced interest rates: Not many people know this, but credit card interest rates are usually negotiable for those with good negotiation skills. If you have a reasonably acceptable payment history, you should have no issues with requesting a reduced interest rate. Bring across the point that you'll be able to use more of your money paying off your balance rather than your interest rate charges.
Have late fees waived: This is a simple, yet very 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. A solid credit history can be used as leverage, and may be well worth the effort to make that extra phone call.
Ask to miss a payment: If you are experiencing a momentary financial setback but expect to get your finances in order in the near future, explain your situation to the credit card company and respectfully ask if you would be allowed to miss one or two payments. Take note, however, that these skipped payments may reflect negatively on your credit report.
Get to the decision maker as fast as possible: A good negotiation tip is to always attempt to speak to the person who can call the shots. Your initial call will likely be handed to a customer service representative, but you should ask to talk directly to the manager or whoever has the authority to make decisions. Write down the names, titles, contact details and timing for every call you make.
About the Author:
Martin P Collins is a well known 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 effective negotiation tips. Or visit here for more negotiation techniques.
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