There are many ways you can improve your credit card deal by negotiating with your card provider. In fact, by following these tips, you could save a lot of money.
1. You should always compare credit cards. If you see a credit card with a better APR than you currently have, tell your card provider.
Often, they will reduce your APR to keep you as a customer. If they can't do this, you should transfer to a provider that offers the best credit card rates.
2. Do not be afraid to take advantage of your loyalty as a customer. If you have held a credit card for a long time, you can use this to negotiate a reduction in the interest rates or fees. Highlight how valuable you are as a customer, and your card provider may reward you.
Again, it makes sense to compare credit cards. Knowing what other companies are offering will help you negotiate with your current provider.
3. It also helps to know how you use your card when negotiating. For example, if you always pay off the balance early, then it doesn't matter if you are getting the best credit card rates. After all, you won't be charged interest if you have no balance. Instead, you should try and persuade your provider to offer rewards such as air miles or cash back. On the other hand, if you often have a balance on your card, your negotiations should be aimed towards reducing the APR and any fees.
4 Make sure you talk to someone with authority when negotiating with your credit card company. Most customer service staff won't be able to offer the best credit card rates, so ask to speak to a supervisor.
5. Finally, try to reduce any fees. Once again, it helps to compare credit cards so you can quote the fees charged by other companies.
Nothing will get your credit card company to act like threatening to close your account and go to a rival.
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