Comments on: How to negotiate with credit card companies – GS5 http://christianpf.com/how-to-negotiate-with-credit-card-companies/ Christian Personal Finance - Financial help blog, debt help and other financial resources Tue, 14 Feb 2012 21:22:01 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Cindy http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-167697 Cindy Sun, 22 Jan 2012 03:55:06 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-167697 Help.. we have $34k in credit cards. I make decent payments each month but I never see the balances getting lower. I have decent rates, as I have done all the calling in the past... I just feel like we are not getting ahead and are putting no money away for our future or our childrens future. I grew up with no concern of money and I think that I have overextended ourselves too far this time. I need help now... any suggestions.. or is there andyone we can talk to.. I am never late, never make just the minimum, but we are snowballing out of control... Help.. we have $34k in credit cards. I make decent payments each month but I never see the balances getting lower. I have decent rates, as I have done all the calling in the past… I just feel like we are not getting ahead and are putting no money away for our future or our childrens future. I grew up with no concern of money and I think that I have overextended ourselves too far this time. I need help now… any suggestions.. or is there andyone we can talk to.. I am never late, never make just the minimum, but we are snowballing out of control…

]]> By: Paul http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162873 Paul Sun, 08 Jan 2012 05:05:02 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162873 I have worked at a bank for the last 6 years. Banks are definitely money makers, and credit cards are a great source of that income, but they can stand to give back a little. This article is a great resource on how to save some money. If you do not have luck in having the interest rate lowered, and are truly having issues paying your bills, tell them that. When customers would come into the bank and truly needed help, I would call for them and explain that we would lose the money if we didn't assist. This helped a lot of customers, and saved the bank from placing customers into collections. Great article, and good luck on lowering those rates. I have worked at a bank for the last 6 years. Banks are definitely money makers, and credit cards are a great source of that income, but they can stand to give back a little. This article is a great resource on how to save some money.

If you do not have luck in having the interest rate lowered, and are truly having issues paying your bills, tell them that. When customers would come into the bank and truly needed help, I would call for them and explain that we would lose the money if we didn’t assist. This helped a lot of customers, and saved the bank from placing customers into collections.

Great article, and good luck on lowering those rates.

]]> By: Abe http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162851 Abe Sun, 08 Jan 2012 03:30:10 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162851 Like Dave Ramsey always says, If you play with snakes long enough, you're gonna get bit. Credit card companies can be snakes. Do yourself a favor and put a death sentence on all consumer debt and close the credit card accounts and don't look back. I did and it feels wonderful. No more credit card statements and no more wealth-sucking interest payments. Good luck! 😊 Like Dave Ramsey always says, If you play with snakes long enough, you’re gonna get bit. Credit card companies can be snakes. Do yourself a favor and put a death sentence on all consumer debt and close the credit card accounts and don’t look back. I did and it feels wonderful. No more credit card statements and no more wealth-sucking interest payments. Good luck! 😊

]]> By: Jeff Crews http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162701 Jeff Crews Sat, 07 Jan 2012 16:22:06 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162701 I luckily have never had to do this (Google Calendar is great with payment reminders). However, this is some great stuff to pass on to some of my friends. I recently had a friend who had debt with places like AmScot. I have never dealt with places like that. Any thoughts on that though? I luckily have never had to do this (Google Calendar is great with payment reminders). However, this is some great stuff to pass on to some of my friends.
I recently had a friend who had debt with places like AmScot. I have never dealt with places like that. Any thoughts on that though?

]]> By: single mom http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162584 single mom Sat, 07 Jan 2012 10:59:25 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162584 Great tips! Sometimes paying the debts off is just too hard. In any case, good to know there are options out there. Will be implementing some of your suggestions. Thanks! Great tips!
Sometimes paying the debts off is just too hard.
In any case, good to know there are options out there. Will be implementing some of your suggestions.
Thanks!

]]> By: youngandthrifty http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162316 youngandthrifty Fri, 06 Jan 2012 19:21:59 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162316 It is so hard to deal with credit card debt. Sometimes the credit card companies just won't listen! Gathering credit card offers is a great idea :) It is so hard to deal with credit card debt. Sometimes the credit card companies just won’t listen! Gathering credit card offers is a great idea :)

]]> By: Joolie http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162295 Joolie Fri, 06 Jan 2012 17:48:03 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162295 Before you transfer a balance, check what you'll pay in fees and make sure it doesn't outweight the saving on interest. Most companies will charge a 3% transfer fee - you might consider negotiating that before transfering to them. I'm thankful we have just become debt-free and don't have this concern, but this was something I almost overlooked when we began our plan. Before you transfer a balance, check what you’ll pay in fees and make sure it doesn’t outweight the saving on interest. Most companies will charge a 3% transfer fee – you might consider negotiating that before transfering to them.
I’m thankful we have just become debt-free and don’t have this concern, but this was something I almost overlooked when we began our plan.

]]> By: Patricia http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-162269 Patricia Fri, 06 Jan 2012 16:22:38 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-162269 When my credit card debt got away from me, I also called and said, "I'm wondering if there is a way I could get a lower interest rate from you guys" and with that, I was switched from 25.9% to 11.9% - the catch here was a $30/year 'premium' card fee, but considering what I was paying on interest every month, this was acceptable. I wish I'd called back later. Regarding what the 'front line phone rep' will or will not do for you when you call, it's often a matter of whether or not they have access to the systems that allow them to make such changes to your account and whether they've been trained to do anything but deal with 'front line' issues. I worked as a Billing Supervisor for a major telecommunications company in the States for a time, and my ability to apply discounts and payment arrangements for customers who phoned in was frustratingly limited. When my credit card debt got away from me, I also called and said, “I’m wondering if there is a way I could get a lower interest rate from you guys” and with that, I was switched from 25.9% to 11.9% – the catch here was a $30/year ‘premium’ card fee, but considering what I was paying on interest every month, this was acceptable. I wish I’d called back later.

Regarding what the ‘front line phone rep’ will or will not do for you when you call, it’s often a matter of whether or not they have access to the systems that allow them to make such changes to your account and whether they’ve been trained to do anything but deal with ‘front line’ issues. I worked as a Billing Supervisor for a major telecommunications company in the States for a time, and my ability to apply discounts and payment arrangements for customers who phoned in was frustratingly limited.

]]> By: Kristi http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-145938 Kristi Tue, 29 Nov 2011 14:45:59 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-145938 I had a dangerously high credit card balance at one point. I called and simply asked if there was any way they could lower my interest rate and to my surprise they did. That was all there was to it. When it got to the point I couldn't afford the payments I called and asked for a payment plan. They actually wouldn't do a payment plan until three or four months passed with no payment. So I didn't pay it for a while and called again and got on their "plan." It was only for a year and I was still paying a tremendous amount of interest. I tried to keep up the payments after the plan was through but the balance was barely budging. When I called to ask for another payment plan they told me it was too soon since the other plan had just ended. I waited another three or four monhts with no payment and got another payment plan with an even lower interest rate. They payments were just over $200 a month and it was do-able but I wondered if it could be better. I figured it wouldn't hurt to see if I could get them to go even lower. The worst they could say was no, right? I was doing this all online and it said "for more payment options call us" so I called and asked the rep if there was a better interest rate or something. She said "you mean you can't pay $206 a month?" with such disgust in her voice! I said I probably could but it wouldn't hurt to see if there was something better and I repeated what the website said about calling for more options. She told me to click "no thanks" (or something like that; I forgot what it said) on the website offer and that it would generate another offer. After quadruple checking that if the other offer wasn't better I could still get the first offer (whcih she assured me would be the case) I clicked the button. Imagine my surprise when the offer went from about 9% interest at $206 a month to 0% interest at $159 a month for five years! Saving over $40/month and not having to pay all that interest was an amazing blessing. The balance has quickly gone from nearly $10k to less than $7k in just over a year on this plan. It truly is worth it to just call and ask for a better rate. The worst they could say is no! I had a dangerously high credit card balance at one point. I called and simply asked if there was any way they could lower my interest rate and to my surprise they did. That was all there was to it. When it got to the point I couldn’t afford the payments I called and asked for a payment plan. They actually wouldn’t do a payment plan until three or four months passed with no payment. So I didn’t pay it for a while and called again and got on their “plan.” It was only for a year and I was still paying a tremendous amount of interest. I tried to keep up the payments after the plan was through but the balance was barely budging. When I called to ask for another payment plan they told me it was too soon since the other plan had just ended. I waited another three or four monhts with no payment and got another payment plan with an even lower interest rate. They payments were just over $200 a month and it was do-able but I wondered if it could be better. I figured it wouldn’t hurt to see if I could get them to go even lower. The worst they could say was no, right? I was doing this all online and it said “for more payment options call us” so I called and asked the rep if there was a better interest rate or something. She said “you mean you can’t pay $206 a month?” with such disgust in her voice! I said I probably could but it wouldn’t hurt to see if there was something better and I repeated what the website said about calling for more options. She told me to click “no thanks” (or something like that; I forgot what it said) on the website offer and that it would generate another offer. After quadruple checking that if the other offer wasn’t better I could still get the first offer (whcih she assured me would be the case) I clicked the button. Imagine my surprise when the offer went from about 9% interest at $206 a month to 0% interest at $159 a month for five years! Saving over $40/month and not having to pay all that interest was an amazing blessing. The balance has quickly gone from nearly $10k to less than $7k in just over a year on this plan. It truly is worth it to just call and ask for a better rate. The worst they could say is no!

]]> By: Ron @ Besttravelcreditcard.us http://christianpf.com/how-to-negotiate-with-credit-card-companies/comment-page-1/#comment-141105 Ron @ Besttravelcreditcard.us Fri, 04 Nov 2011 14:10:30 +0000 http://christianpf.com/how-to-negotiate-with-credit-card-companies/#comment-141105 Negotiation is truly an art. At the end of the day really comes down to making in into a symbiotic situation. When you end up talking with the closing specialists if you can stay with the corp then they get brownie points for keep and extra customer, and you can get a reduced rate. When you talk with the normal customer service specialists negotiation can be very difficult because fundamentally they have very little incentive to you help you, they usually get paid an hourly rate to deal with issues and get people off the phones as quickly as possible. Negotiation is truly an art. At the end of the day really comes down to making in into a symbiotic situation. When you end up talking with the closing specialists if you can stay with the corp then they get brownie points for keep and extra customer, and you can get a reduced rate. When you talk with the normal customer service specialists negotiation can be very difficult because fundamentally they have very little incentive to you help you, they usually get paid an hourly rate to deal with issues and get people off the phones as quickly as possible.

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