Universal Default Credit Card Rates.....Again!!

[maddythebeagle]

....just like Dave Ramsey says......those cc companies are just evil... Or just dont be late with a payment....but if do, yes, can simply ask as a coutesy as Justin points out....maybe wont get if you call "flying off the handle", which might have been your mistake....CSR's are people too

[justin]

Be nice, be firm, ask for what you want. If the CSR can't give it to you, ask for their supervisor ("Ok, well, could I speak to a supervisor to see if they can help me with this issue"). Don't make it sound like a threat - just understand that the CSR's usually have limited authority to do stuff, and managers/supervisors have more carte blanche to make customers happy.

[lets-retire]

Back when we were buried with debt, I took over the finances from my wife and realized we were done. We hadn't made a late payment yet, so I called the credit card companies and requested a lower interest rate, most were in the 20's. Every one of them said the same thing, "Your balances are too high for us to lower your rate, your high risk, but we can increase you limit if you want." A few months later when they called for their payments they were all told, "You're a little late, you need to talk with my attorney. My case number is..." The ironic part was if they had lowered the interest rate to a reasonable amount all of them would have received full payment, but in their pursuit for top dollar, I had no choice but to file chapter 13 and they received 30% of the outstanding balance.

Now I have one, and it is from my local credit union that is paid off each month. DW doesn't even want a gas card. I guess she blames herself for our bankruptcy and doesn't trust herself with the cards. After the case was discharged, I had to force her to sign as a co-borrower on some small furniture loans to improve our credit scores.

[Mr._johngalt]

Quote:

Originally Posted by justin In my experience with fleecing credit card companies for thousands of dollars per year, they are generally willing to bend over backwards to accomodate you and retain you as a customer. This includes waiving late fees, over the limit fees, finance charges, etc. as long as you are a "good customer" (ie - good credit in general, no history of repeat late payments, etc.). They usually phrase this as "as a one time courtesy, we are refunding you...". But they'll do it more than once, just ask. If they don't do what you want, switch card companies. There are 999 other CC companies that like new customers.

Justin.......I agree 100%. In fact, I was just thinking that I have never failed
(ever) to get what I wanted out of the CC companies. And, I have asked for a lot!!! Oh sure, some have turned me down on new apps., but as
Justin so correctly observed; there are plenty of fish in the sea.

JG

[Mr._johngalt]

Quote:

Originally Posted by FinanceDude BTW, you can't negotiate with the CC companies.........

This statement is completely false. You can negotiate practically anything.

JG

[Mr._johngalt]

Quote:

Originally Posted by justin In my experience with fleecing credit card companies for thousands of dollars per year, they are generally willing to bend over backwards to accomodate you and retain you as a customer. This includes waiving late fees, over the limit fees, finance charges, etc. as long as you are a "good customer" (ie - good credit in general, no history of repeat late payments, etc.). They usually phrase this as "as a one time courtesy, we are refunding you...". But they'll do it more than once, just ask. If they don't do what you want, switch card companies. There are 999 other CC companies that like new customers.

Real life example from 10 minutes ago.

I forgot Monday was a holiday and had a large (around 20K) CC payment
due by tomorrow (10-14) or I woukl lose my -0-% rate. I know I can pay
by phone but I don't usually do it. OTOH, I like to hold onto the money as long as possible. I called customer service and my payment (mailed Tuesday) had not hit yet. Then I got a very nice young lady on the line.
Explained what I had done. She said "No problem, we'll give you an extension, so no extra interest/penalties." Easy.

JG

[jazz4cash]

Quote:

Originally Posted by FinanceDude BTW, you can't negotiate with the CC companies.........

CC companies rely on the vast majority of people having this attitude and being creatures of habit so they just go along and keep doing what they've been doing. Yeah they are sneeky, but the fine print clearly says "we'll modify these terms any damn time we choose".

Remember the cartoon with the banker telling the customer "We'll be happy to loan you the money if you can simply prove you don't need it"? Well, its the same for the CC companies. If you are not overly dependent on them, you have the upper hand and the power to negotiate.......if you become deeply dependent on them, they will screw you while you are down. I use the promo offers too, so I am also sharing in the proceeds from the folks that are getting screwed. I don't feel bad about it......its just a matter of being smart, lucky, or whatever. When my finances were stretched thinest, one thing I did religiously was use low APR credit, which was about 10% at the time (and still is)from the credit union.