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Negotiating better credit card terms
By David Pilley on November 21, 2011

call-(1).jpgIf you have the gift of gab, you may be able to negotiate better terms on your credit card. Specifically, you can negotiate for a lower interest rate or to get rid of excess fees. Negotiating for a larger credit limit on your account will be pretty difficult to do, unless you’ve been perfect in making all monthly payments on time and maintaining a low balance on the card. As with your résumé, you want to stress your positives to the sales representative with whom you are negotiating.
It seems to happen with every credit card, no matter how good a customer you are, but interest rates will go up. It might have been caused by a late payment or a payment that wasn’t in full. What started out in the low double digits may eventually end up over 20 percent. Instead of jumping ship to a new card, you can try to get better terms on your current one. Remember the formula to your credit score? Well, approximately 15 percent of it is affected by the length of your credit history. You do not want to close an account you’ve had for ten years, especially if you’ve managed it properly. Ten percent of your score is affected by recent credit inquiries, and you can actually hurt your score if you seek a lot of new credit lines in a calendar year.

There’s a fine line between sweet-talking and desperation that you want to be around. One of the reasons you may be trying to get a lower interest rate is because you simply can’t afford it. However, if you reveal this information to the sales rep, he/she might end up offering a lower credit limit on the card instead of a lower interest rate. At the same time, you don’t want to get too friendly. You need to stick to the facts, and stress your positives. Highlight the fact that you’ve been a longtime cardholder, you’ve never (or rarely) been late with a payment, and you have the ability to keep making payments because you have secure employment. The sales rep might appreciate you telling him/her how beautiful his/her voice is, but the only thing that will directly get reduced fees on your credit cards is your stellar credit history.

You don’t want to cold-call your credit card company. Make sure you have a copy of your latest credit card statement in your hand. Also, make sure you know exactly how long you’ve been a cardholder with the company and what your current interest rate and fees are. Before you make the call, make sure to compare rates with other cards so you can make an estimate of a reasonable rate. Your credit card’s interest rate will never be zero, unless the company is doing a promotional stunt. In this case, the zero rate will be temporary, and except a spike back to double digits in the near future.

If you are unsuccessful with a permanent or temporary lowering of your interest rate, do not fear. You may disclose the possibility of cancelling the card, but this should be a last resort. Remember to maintain your emotions, and if you are not successful, keep your credit history healthy and try again at a later date.
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