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.
Demonstrate your loyalty: If you are a long-time customer or if you have spent a lot of money with the credit card company for years, try to take advantage of it. After all the long term success of these companies depends on people who spend money on their credit cards.
Ask for a lower interest rate: Unknown to many, credit card interest rates are often negotiable for those with good negotiation skills. If you have had a good payment history, you shouldn’t have any problems with requesting for a lower interest rate. Explain that you’ll be able to put more money towards paying off your principal balance instead of your interest rate charges.
Get relief from late payment fees: This is a very easy, yet 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. Haggling down fees tends to be much easier than haggling price. A solid credit history can be used as leverage, and may be well worth the effort to make that extra phone call.
Ask to skip a payment: When you are in a situation of financial problems that you think you will be able sort out in the near future, you can try to explain this to the credit card company. If you request to miss one or two payments as an exception, many companies are willing to give you this relief. The downside is of course a likely negative impact 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.
Martin P Collins is a negotiation expert at Geneva Education who frequently gives very useful advice in his articles and blog posts. Look here to learn some of his most common negotiation tricks. Or visit here for further negotiation tips.
8 Negotiation Tactics To Help Reduce Your Credit Card Debt
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