Believe\nit or not, credit card companies WILL negotiate with you. They won\u2019t just wipe\nyour slate clean with a balance of zero, but they are certainly willing to work\nwith you. You just have to know what to ask for. That\u2019s what I\u2019m here for, so\nkeep reading.<\/p>\n\n\n\n
Late payment fees<\/strong><\/h2>\n\n\n\nThis\none will work about 90% of the time though you have to be careful to use this\nace-in-the-hole on occasion. If you ask all the time, they won\u2019t be willing to\nbend. But if you use it intermittently and ask for a late payment fee waiver, 9\ntimes out of 10, you\u2019ll be granted permission. <\/p>\n\n\n\n
There\nis a specific art form to getting what you want out of having a late payment\nfee waived, so stay with me here and I\u2019ll walk you through this. There are\nthree crucial steps to making this work for you.<\/p>\n\n\n\n
First\nStep \u2013 Pay Your Debt<\/strong><\/h3>\n\n\n\nLet\u2019s\nsay you\u2019ve received a notification that your payment is late. Once you get\nthis, it means your grace period for that particular billing cycle has come and\ngone. It\u2019s usually around 21 days after your bill has been sent to you. <\/p>\n\n\n\n
While\nit\u2019s not ideal to wait around for this to happen, there are times in our lives\nwhere things slip our minds. We set the bill down on the entryway table after\nbringing the mail in and then the dog starts throwing up on the rug. You dash\ninto the next room to stop the mess before it becomes epic and as you do, you\naccidentally bump the table where your credit card bill slips down behind\neverything to the floor. You don\u2019t notice until it\u2019s too late. <\/p>\n\n\n\n
Perhaps\nthat\u2019s an extreme but honestly, we\u2019ve all had those kinds of moments in life.\nEven the people that work at the credit card companies. <\/p>\n\n\n\n
So,\nwhen you realize you are already late and are outside that grace period, pay\nthat bill as soon as you do. Pay as much of it as you can, but if you can only\nmake that minimum payment, so be it. The key is to pay the bill. <\/p>\n\n\n\n
But\nhere\u2019s the other catch\u2026DON\u2019T include that late fee in the payment you send.\nOnce you make that minimum payment and it processes, the only thing that will\nshow on your balance will be that late fee. <\/p>\n\n\n\n
Second\nStep: Activate Auto-Pay<\/strong><\/h3>\n\n\n\nSome\npeople are concerned about auto-pay for something like credit cards because the\nbills can be unpredictable. But I highly recommend doing this. You can set it\nup to pay minimum payments or comfortable increments so that if you do have a\nmonth where you have to repair your car or handle something important, you\nwon\u2019t go into the negative.<\/p>\n\n\n\n
When\nyou set up auto-pay, you never have to worry that the bill hasn\u2019t been paid. If\nyou really can only afford to make minimum payments, you should try to budget\nand plan better so you\u2019re spending what you can afford. Credit cards aren\u2019t free\nmoney. You have to pay it back<\/strong>. <\/p>\n\n\n\nIf\nyou have a credit card for a business account, I can\u2019t recommend auto-pay\nenough. It totally takes the guesswork out of trying to remember did you pay it\nor not and keeps your credit in good standing. <\/p>\n\n\n\n
Third\nStep: Call Your Credit Card Company<\/strong><\/h3>\n\n\n\nNow,\npick up the phone. Give the credit card company a call. I promise it won\u2019t be\nscary. Remember, if you want to catch flies, you\u2019ve got to use honey. Be polite\nand cordial and it will go a long way. <\/p>\n\n\n\n
It\u2019s\na lot easier to get the late fee waived if there are fewer days that you are\nlate. Call customer service and tell them you were charged a late fee. Tell\nthem why your payment was late. Be honest because they\u2019re not going to buy the\n\u201cmy bill didn\u2019t come\u201d excuse every time. They may even laugh if your dog really\ncaused the problem. In business, you could even have had a new receptionist\naccidentally throw out that bill. <\/p>\n\n\n\n
Whatever\nhas happened that caused you to be late, explain it and then ask if they could\nbe so kind as to remove those late fees. They may not agree to it immediately\nor could ask for further details so be prepared to tell them more. If you\u2019ve\nnever been late before or have seldom done so, they will usually agree to it.\nThen all you need to do is watch your credit card statement and you\u2019ll soon see\nthe balance return to zero.<\/p>\n\n\n\n
Once\nwhen I first set up a new card and set up auto-pay, I was told the payment\nwould come out on the 5th<\/sup> every month. On the 5th<\/sup> of that\nfirst month, I noticed my payment still hadn\u2019t been made by noon. I called and\nasked about it and they assured me it would come out by midnight and not to\nworry.<\/p>\n\n\n\nThe\nnext day though, that payment had never posted (even though I had the funds to\ncover the credit card bill in full). Another call to them and they couldn\u2019t\nhave been nicer. They waived the fee immediately and made sure that error never\nhappened to me again. <\/p>\n\n\n\n
I\nalso have a special top-secret tip for you that can really help.<\/p>\n\n\n\n
Let\u2019s\nsay you get paid after the due date on your credit card bill. What a pain,\nright? All you need to do is set the due date to a later date from when you get\nyour pay. Most credit card companies will allow you to set up a date that works\nfor you each month. You can even do it online, though you can also call them up\nand ask them to walk you through it.<\/p>\n\n\n\n
If\nyour credit card company doesn\u2019t have the feature that allows you to set your\nown due date online, call them and have them set one that works for you. They\nwill almost always accommodate it, especially if your bill is currently paid in\nfull. Remember, your credit card wants your business, and if they aren\u2019t accommodating\nfor setting due dates, you can always use another card. <\/p>\n\n\n\n
Annual fees<\/strong><\/h2>\n\n\n\nAnnual\nfees can also be negotiated, though these are just a little trickier. Stick\nwith me and I\u2019ll show you the ropes. Asking to have an annual fee waived might\nresult in a partial reduction of the annual fee, or you could get a one-year\nwaiver out of it. If you\u2019re really lucky, you may even be able to negotiate it\naway permanently. This will depend on your relationship with this creditor as\nwell as how long you\u2019ve been an account holder.<\/p>\n\n\n\n
Think\nit won\u2019t work? Think again! In 8 out of 10 cases, if you ask for a waiver,\nyou\u2019ll get a reduction on the annual fees. <\/strong><\/p>\n\n\n\nYour\nother options to explore are downgrading your card to a version of it that has\nno annual fee. It will likely have fewer perks, but this is one way to get rid\nof the annual fee without closing out your account. Chances are extremely good\nyou can at least get a reduction on that annual fee so follow me and let\u2019s\ndiscuss how you can make that happen. <\/p>\n\n\n\n
5\nsteps to get your annual credit card fee waived<\/strong><\/h3>\n\n\n\nIf\nyou\u2019d like to get rid of your annual credit card fee (who wouldn\u2019t?) here are\nthe steps you must take to make it happen. <\/p>\n\n\n\n
First\nStep: Use That Card<\/strong><\/h3>\n\n\n\nYour\nbank is going to be much more likely to hear you out on your desires to do away\nwith this annual fee if you use the card often. Customers that make them money\nare what they prize the most. That doesn\u2019t mean you need to go into debt buying\nall the things right before you ask, but if you have a steady flow of\ntransactions appearing on your card, you\u2019ll have a better chance of convincing\nthem to waive this fee or at least reduce it. Remember, they want your\nbusiness. They don\u2019t want you to cancel your card. They have people devoted to\nkeeping you there in the retention department. More on that shortly.<\/p>\n\n\n\n
Oh,\nand when you\u2019re out there spending on the card, remember that you should never\ngo over 30% of what the maximum line of credit is and always pay it off in full.\nThat\u2019s the magic number to follow!<\/p>\n\n\n\n
Second\nStep: Don\u2019t Miss Any Payments<\/strong><\/h3>\n\n\n\nGood\ncustomers that pay their bills on time are certainly worth retaining. If you\npay your bill in full on time every time, you have an excellent chance of\ngetting what you want. Again, I highly recommend that auto-pay feature for this\nexact reason. You\u2019ll never be late. And if you pay in full, it avoids accruing\ninterest and other problems. <\/p>\n\n\n\n
When\nyou\u2019re trying to get in the credit card company\u2019s good graces, it would really\nhelp to be sure you\u2019re not late paying even once<\/strong>. This will help you\nbuild a solid case for why they should waive that annual fee for you. <\/p>\n\n\n\nThird\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n![\"Table-with-every-credit-card-its-annual-fee-and-required-credit-score\"](\"https:\/\/i0.wp.com\/fouedbenslama.com\/wp-content\/uploads\/2020\/01\/Table-with-every-credit-card-its-annual-fee-and-required-credit-score.jpg?resize=429%2C1597&ssl=1\")
<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
How to negotiate better credit card fees, interest, and debt - Foued Ben Slama<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fouedbenslama.com\/?p=74\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to negotiate better credit card fees, interest, and debt - Foued Ben Slama\" \/>\n<meta property=\"og:description\" content=\"If you have a credit card, or even two or three of them, you might already know how convenient they are. 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Let\u2019s\nsay you\u2019ve received a notification that your payment is late. Once you get\nthis, it means your grace period for that particular billing cycle has come and\ngone. It\u2019s usually around 21 days after your bill has been sent to you. <\/p>\n\n\n\n
While\nit\u2019s not ideal to wait around for this to happen, there are times in our lives\nwhere things slip our minds. We set the bill down on the entryway table after\nbringing the mail in and then the dog starts throwing up on the rug. You dash\ninto the next room to stop the mess before it becomes epic and as you do, you\naccidentally bump the table where your credit card bill slips down behind\neverything to the floor. You don\u2019t notice until it\u2019s too late. <\/p>\n\n\n\n
Perhaps\nthat\u2019s an extreme but honestly, we\u2019ve all had those kinds of moments in life.\nEven the people that work at the credit card companies. <\/p>\n\n\n\n
So,\nwhen you realize you are already late and are outside that grace period, pay\nthat bill as soon as you do. Pay as much of it as you can, but if you can only\nmake that minimum payment, so be it. The key is to pay the bill. <\/p>\n\n\n\n
But\nhere\u2019s the other catch\u2026DON\u2019T include that late fee in the payment you send.\nOnce you make that minimum payment and it processes, the only thing that will\nshow on your balance will be that late fee. <\/p>\n\n\n\n
Second\nStep: Activate Auto-Pay<\/strong><\/h3>\n\n\n\nSome\npeople are concerned about auto-pay for something like credit cards because the\nbills can be unpredictable. But I highly recommend doing this. You can set it\nup to pay minimum payments or comfortable increments so that if you do have a\nmonth where you have to repair your car or handle something important, you\nwon\u2019t go into the negative.<\/p>\n\n\n\n
When\nyou set up auto-pay, you never have to worry that the bill hasn\u2019t been paid. If\nyou really can only afford to make minimum payments, you should try to budget\nand plan better so you\u2019re spending what you can afford. Credit cards aren\u2019t free\nmoney. You have to pay it back<\/strong>. <\/p>\n\n\n\nIf\nyou have a credit card for a business account, I can\u2019t recommend auto-pay\nenough. It totally takes the guesswork out of trying to remember did you pay it\nor not and keeps your credit in good standing. <\/p>\n\n\n\n
Third\nStep: Call Your Credit Card Company<\/strong><\/h3>\n\n\n\nNow,\npick up the phone. Give the credit card company a call. I promise it won\u2019t be\nscary. Remember, if you want to catch flies, you\u2019ve got to use honey. Be polite\nand cordial and it will go a long way. <\/p>\n\n\n\n
It\u2019s\na lot easier to get the late fee waived if there are fewer days that you are\nlate. Call customer service and tell them you were charged a late fee. Tell\nthem why your payment was late. Be honest because they\u2019re not going to buy the\n\u201cmy bill didn\u2019t come\u201d excuse every time. They may even laugh if your dog really\ncaused the problem. In business, you could even have had a new receptionist\naccidentally throw out that bill. <\/p>\n\n\n\n
Whatever\nhas happened that caused you to be late, explain it and then ask if they could\nbe so kind as to remove those late fees. They may not agree to it immediately\nor could ask for further details so be prepared to tell them more. If you\u2019ve\nnever been late before or have seldom done so, they will usually agree to it.\nThen all you need to do is watch your credit card statement and you\u2019ll soon see\nthe balance return to zero.<\/p>\n\n\n\n
Once\nwhen I first set up a new card and set up auto-pay, I was told the payment\nwould come out on the 5th<\/sup> every month. On the 5th<\/sup> of that\nfirst month, I noticed my payment still hadn\u2019t been made by noon. I called and\nasked about it and they assured me it would come out by midnight and not to\nworry.<\/p>\n\n\n\nThe\nnext day though, that payment had never posted (even though I had the funds to\ncover the credit card bill in full). Another call to them and they couldn\u2019t\nhave been nicer. They waived the fee immediately and made sure that error never\nhappened to me again. <\/p>\n\n\n\n
I\nalso have a special top-secret tip for you that can really help.<\/p>\n\n\n\n
Let\u2019s\nsay you get paid after the due date on your credit card bill. What a pain,\nright? All you need to do is set the due date to a later date from when you get\nyour pay. Most credit card companies will allow you to set up a date that works\nfor you each month. You can even do it online, though you can also call them up\nand ask them to walk you through it.<\/p>\n\n\n\n
If\nyour credit card company doesn\u2019t have the feature that allows you to set your\nown due date online, call them and have them set one that works for you. They\nwill almost always accommodate it, especially if your bill is currently paid in\nfull. Remember, your credit card wants your business, and if they aren\u2019t accommodating\nfor setting due dates, you can always use another card. <\/p>\n\n\n\n
Annual fees<\/strong><\/h2>\n\n\n\nAnnual\nfees can also be negotiated, though these are just a little trickier. Stick\nwith me and I\u2019ll show you the ropes. Asking to have an annual fee waived might\nresult in a partial reduction of the annual fee, or you could get a one-year\nwaiver out of it. If you\u2019re really lucky, you may even be able to negotiate it\naway permanently. This will depend on your relationship with this creditor as\nwell as how long you\u2019ve been an account holder.<\/p>\n\n\n\n
Think\nit won\u2019t work? Think again! In 8 out of 10 cases, if you ask for a waiver,\nyou\u2019ll get a reduction on the annual fees. <\/strong><\/p>\n\n\n\nYour\nother options to explore are downgrading your card to a version of it that has\nno annual fee. It will likely have fewer perks, but this is one way to get rid\nof the annual fee without closing out your account. Chances are extremely good\nyou can at least get a reduction on that annual fee so follow me and let\u2019s\ndiscuss how you can make that happen. <\/p>\n\n\n\n
5\nsteps to get your annual credit card fee waived<\/strong><\/h3>\n\n\n\nIf\nyou\u2019d like to get rid of your annual credit card fee (who wouldn\u2019t?) here are\nthe steps you must take to make it happen. <\/p>\n\n\n\n
First\nStep: Use That Card<\/strong><\/h3>\n\n\n\nYour\nbank is going to be much more likely to hear you out on your desires to do away\nwith this annual fee if you use the card often. Customers that make them money\nare what they prize the most. That doesn\u2019t mean you need to go into debt buying\nall the things right before you ask, but if you have a steady flow of\ntransactions appearing on your card, you\u2019ll have a better chance of convincing\nthem to waive this fee or at least reduce it. Remember, they want your\nbusiness. They don\u2019t want you to cancel your card. They have people devoted to\nkeeping you there in the retention department. More on that shortly.<\/p>\n\n\n\n
Oh,\nand when you\u2019re out there spending on the card, remember that you should never\ngo over 30% of what the maximum line of credit is and always pay it off in full.\nThat\u2019s the magic number to follow!<\/p>\n\n\n\n
Second\nStep: Don\u2019t Miss Any Payments<\/strong><\/h3>\n\n\n\nGood\ncustomers that pay their bills on time are certainly worth retaining. If you\npay your bill in full on time every time, you have an excellent chance of\ngetting what you want. Again, I highly recommend that auto-pay feature for this\nexact reason. You\u2019ll never be late. And if you pay in full, it avoids accruing\ninterest and other problems. <\/p>\n\n\n\n
When\nyou\u2019re trying to get in the credit card company\u2019s good graces, it would really\nhelp to be sure you\u2019re not late paying even once<\/strong>. This will help you\nbuild a solid case for why they should waive that annual fee for you. <\/p>\n\n\n\nThird\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
How to negotiate better credit card fees, interest, and debt - Foued Ben Slama<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fouedbenslama.com\/?p=74\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to negotiate better credit card fees, interest, and debt - Foued Ben Slama\" \/>\n<meta property=\"og:description\" content=\"If you have a credit card, or even two or three of them, you might already know how convenient they are. 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If\nyou have a credit card for a business account, I can\u2019t recommend auto-pay\nenough. It totally takes the guesswork out of trying to remember did you pay it\nor not and keeps your credit in good standing. <\/p>\n\n\n\n
Third\nStep: Call Your Credit Card Company<\/strong><\/h3>\n\n\n\nNow,\npick up the phone. Give the credit card company a call. I promise it won\u2019t be\nscary. Remember, if you want to catch flies, you\u2019ve got to use honey. Be polite\nand cordial and it will go a long way. <\/p>\n\n\n\n
It\u2019s\na lot easier to get the late fee waived if there are fewer days that you are\nlate. Call customer service and tell them you were charged a late fee. Tell\nthem why your payment was late. Be honest because they\u2019re not going to buy the\n\u201cmy bill didn\u2019t come\u201d excuse every time. They may even laugh if your dog really\ncaused the problem. In business, you could even have had a new receptionist\naccidentally throw out that bill. <\/p>\n\n\n\n
Whatever\nhas happened that caused you to be late, explain it and then ask if they could\nbe so kind as to remove those late fees. They may not agree to it immediately\nor could ask for further details so be prepared to tell them more. If you\u2019ve\nnever been late before or have seldom done so, they will usually agree to it.\nThen all you need to do is watch your credit card statement and you\u2019ll soon see\nthe balance return to zero.<\/p>\n\n\n\n
Once\nwhen I first set up a new card and set up auto-pay, I was told the payment\nwould come out on the 5th<\/sup> every month. On the 5th<\/sup> of that\nfirst month, I noticed my payment still hadn\u2019t been made by noon. I called and\nasked about it and they assured me it would come out by midnight and not to\nworry.<\/p>\n\n\n\nThe\nnext day though, that payment had never posted (even though I had the funds to\ncover the credit card bill in full). Another call to them and they couldn\u2019t\nhave been nicer. They waived the fee immediately and made sure that error never\nhappened to me again. <\/p>\n\n\n\n
I\nalso have a special top-secret tip for you that can really help.<\/p>\n\n\n\n
Let\u2019s\nsay you get paid after the due date on your credit card bill. What a pain,\nright? All you need to do is set the due date to a later date from when you get\nyour pay. Most credit card companies will allow you to set up a date that works\nfor you each month. You can even do it online, though you can also call them up\nand ask them to walk you through it.<\/p>\n\n\n\n
If\nyour credit card company doesn\u2019t have the feature that allows you to set your\nown due date online, call them and have them set one that works for you. They\nwill almost always accommodate it, especially if your bill is currently paid in\nfull. Remember, your credit card wants your business, and if they aren\u2019t accommodating\nfor setting due dates, you can always use another card. <\/p>\n\n\n\n
Annual fees<\/strong><\/h2>\n\n\n\nAnnual\nfees can also be negotiated, though these are just a little trickier. Stick\nwith me and I\u2019ll show you the ropes. Asking to have an annual fee waived might\nresult in a partial reduction of the annual fee, or you could get a one-year\nwaiver out of it. If you\u2019re really lucky, you may even be able to negotiate it\naway permanently. This will depend on your relationship with this creditor as\nwell as how long you\u2019ve been an account holder.<\/p>\n\n\n\n
Think\nit won\u2019t work? Think again! In 8 out of 10 cases, if you ask for a waiver,\nyou\u2019ll get a reduction on the annual fees. <\/strong><\/p>\n\n\n\nYour\nother options to explore are downgrading your card to a version of it that has\nno annual fee. It will likely have fewer perks, but this is one way to get rid\nof the annual fee without closing out your account. Chances are extremely good\nyou can at least get a reduction on that annual fee so follow me and let\u2019s\ndiscuss how you can make that happen. <\/p>\n\n\n\n
5\nsteps to get your annual credit card fee waived<\/strong><\/h3>\n\n\n\nIf\nyou\u2019d like to get rid of your annual credit card fee (who wouldn\u2019t?) here are\nthe steps you must take to make it happen. <\/p>\n\n\n\n
First\nStep: Use That Card<\/strong><\/h3>\n\n\n\nYour\nbank is going to be much more likely to hear you out on your desires to do away\nwith this annual fee if you use the card often. Customers that make them money\nare what they prize the most. That doesn\u2019t mean you need to go into debt buying\nall the things right before you ask, but if you have a steady flow of\ntransactions appearing on your card, you\u2019ll have a better chance of convincing\nthem to waive this fee or at least reduce it. Remember, they want your\nbusiness. They don\u2019t want you to cancel your card. They have people devoted to\nkeeping you there in the retention department. More on that shortly.<\/p>\n\n\n\n
Oh,\nand when you\u2019re out there spending on the card, remember that you should never\ngo over 30% of what the maximum line of credit is and always pay it off in full.\nThat\u2019s the magic number to follow!<\/p>\n\n\n\n
Second\nStep: Don\u2019t Miss Any Payments<\/strong><\/h3>\n\n\n\nGood\ncustomers that pay their bills on time are certainly worth retaining. If you\npay your bill in full on time every time, you have an excellent chance of\ngetting what you want. Again, I highly recommend that auto-pay feature for this\nexact reason. You\u2019ll never be late. And if you pay in full, it avoids accruing\ninterest and other problems. <\/p>\n\n\n\n
When\nyou\u2019re trying to get in the credit card company\u2019s good graces, it would really\nhelp to be sure you\u2019re not late paying even once<\/strong>. This will help you\nbuild a solid case for why they should waive that annual fee for you. <\/p>\n\n\n\nThird\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
How to negotiate better credit card fees, interest, and debt - Foued Ben Slama<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fouedbenslama.com\/?p=74\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to negotiate better credit card fees, interest, and debt - Foued Ben Slama\" \/>\n<meta property=\"og:description\" content=\"If you have a credit card, or even two or three of them, you might already know how convenient they are. 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The\nnext day though, that payment had never posted (even though I had the funds to\ncover the credit card bill in full). Another call to them and they couldn\u2019t\nhave been nicer. They waived the fee immediately and made sure that error never\nhappened to me again. <\/p>\n\n\n\n
I\nalso have a special top-secret tip for you that can really help.<\/p>\n\n\n\n
Let\u2019s\nsay you get paid after the due date on your credit card bill. What a pain,\nright? All you need to do is set the due date to a later date from when you get\nyour pay. Most credit card companies will allow you to set up a date that works\nfor you each month. You can even do it online, though you can also call them up\nand ask them to walk you through it.<\/p>\n\n\n\n
If\nyour credit card company doesn\u2019t have the feature that allows you to set your\nown due date online, call them and have them set one that works for you. They\nwill almost always accommodate it, especially if your bill is currently paid in\nfull. Remember, your credit card wants your business, and if they aren\u2019t accommodating\nfor setting due dates, you can always use another card. <\/p>\n\n\n\n
Annual fees<\/strong><\/h2>\n\n\n\nAnnual\nfees can also be negotiated, though these are just a little trickier. Stick\nwith me and I\u2019ll show you the ropes. Asking to have an annual fee waived might\nresult in a partial reduction of the annual fee, or you could get a one-year\nwaiver out of it. If you\u2019re really lucky, you may even be able to negotiate it\naway permanently. This will depend on your relationship with this creditor as\nwell as how long you\u2019ve been an account holder.<\/p>\n\n\n\n
Think\nit won\u2019t work? Think again! In 8 out of 10 cases, if you ask for a waiver,\nyou\u2019ll get a reduction on the annual fees. <\/strong><\/p>\n\n\n\nYour\nother options to explore are downgrading your card to a version of it that has\nno annual fee. It will likely have fewer perks, but this is one way to get rid\nof the annual fee without closing out your account. Chances are extremely good\nyou can at least get a reduction on that annual fee so follow me and let\u2019s\ndiscuss how you can make that happen. <\/p>\n\n\n\n
5\nsteps to get your annual credit card fee waived<\/strong><\/h3>\n\n\n\nIf\nyou\u2019d like to get rid of your annual credit card fee (who wouldn\u2019t?) here are\nthe steps you must take to make it happen. <\/p>\n\n\n\n
First\nStep: Use That Card<\/strong><\/h3>\n\n\n\nYour\nbank is going to be much more likely to hear you out on your desires to do away\nwith this annual fee if you use the card often. Customers that make them money\nare what they prize the most. That doesn\u2019t mean you need to go into debt buying\nall the things right before you ask, but if you have a steady flow of\ntransactions appearing on your card, you\u2019ll have a better chance of convincing\nthem to waive this fee or at least reduce it. Remember, they want your\nbusiness. They don\u2019t want you to cancel your card. They have people devoted to\nkeeping you there in the retention department. More on that shortly.<\/p>\n\n\n\n
Oh,\nand when you\u2019re out there spending on the card, remember that you should never\ngo over 30% of what the maximum line of credit is and always pay it off in full.\nThat\u2019s the magic number to follow!<\/p>\n\n\n\n
Second\nStep: Don\u2019t Miss Any Payments<\/strong><\/h3>\n\n\n\nGood\ncustomers that pay their bills on time are certainly worth retaining. If you\npay your bill in full on time every time, you have an excellent chance of\ngetting what you want. Again, I highly recommend that auto-pay feature for this\nexact reason. You\u2019ll never be late. And if you pay in full, it avoids accruing\ninterest and other problems. <\/p>\n\n\n\n
When\nyou\u2019re trying to get in the credit card company\u2019s good graces, it would really\nhelp to be sure you\u2019re not late paying even once<\/strong>. This will help you\nbuild a solid case for why they should waive that annual fee for you. <\/p>\n\n\n\nThird\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
How to negotiate better credit card fees, interest, and debt - Foued Ben Slama<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fouedbenslama.com\/?p=74\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to negotiate better credit card fees, interest, and debt - Foued Ben Slama\" \/>\n<meta property=\"og:description\" content=\"If you have a credit card, or even two or three of them, you might already know how convenient they are. 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Your\nother options to explore are downgrading your card to a version of it that has\nno annual fee. It will likely have fewer perks, but this is one way to get rid\nof the annual fee without closing out your account. Chances are extremely good\nyou can at least get a reduction on that annual fee so follow me and let\u2019s\ndiscuss how you can make that happen. <\/p>\n\n\n\n
5\nsteps to get your annual credit card fee waived<\/strong><\/h3>\n\n\n\nIf\nyou\u2019d like to get rid of your annual credit card fee (who wouldn\u2019t?) here are\nthe steps you must take to make it happen. <\/p>\n\n\n\n
First\nStep: Use That Card<\/strong><\/h3>\n\n\n\nYour\nbank is going to be much more likely to hear you out on your desires to do away\nwith this annual fee if you use the card often. Customers that make them money\nare what they prize the most. That doesn\u2019t mean you need to go into debt buying\nall the things right before you ask, but if you have a steady flow of\ntransactions appearing on your card, you\u2019ll have a better chance of convincing\nthem to waive this fee or at least reduce it. Remember, they want your\nbusiness. They don\u2019t want you to cancel your card. They have people devoted to\nkeeping you there in the retention department. More on that shortly.<\/p>\n\n\n\n
Oh,\nand when you\u2019re out there spending on the card, remember that you should never\ngo over 30% of what the maximum line of credit is and always pay it off in full.\nThat\u2019s the magic number to follow!<\/p>\n\n\n\n
Second\nStep: Don\u2019t Miss Any Payments<\/strong><\/h3>\n\n\n\nGood\ncustomers that pay their bills on time are certainly worth retaining. If you\npay your bill in full on time every time, you have an excellent chance of\ngetting what you want. Again, I highly recommend that auto-pay feature for this\nexact reason. You\u2019ll never be late. And if you pay in full, it avoids accruing\ninterest and other problems. <\/p>\n\n\n\n
When\nyou\u2019re trying to get in the credit card company\u2019s good graces, it would really\nhelp to be sure you\u2019re not late paying even once<\/strong>. This will help you\nbuild a solid case for why they should waive that annual fee for you. <\/p>\n\n\n\nThird\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
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Your\nbank is going to be much more likely to hear you out on your desires to do away\nwith this annual fee if you use the card often. Customers that make them money\nare what they prize the most. That doesn\u2019t mean you need to go into debt buying\nall the things right before you ask, but if you have a steady flow of\ntransactions appearing on your card, you\u2019ll have a better chance of convincing\nthem to waive this fee or at least reduce it. Remember, they want your\nbusiness. They don\u2019t want you to cancel your card. They have people devoted to\nkeeping you there in the retention department. More on that shortly.<\/p>\n\n\n\n
Oh,\nand when you\u2019re out there spending on the card, remember that you should never\ngo over 30% of what the maximum line of credit is and always pay it off in full.\nThat\u2019s the magic number to follow!<\/p>\n\n\n\n
Second\nStep: Don\u2019t Miss Any Payments<\/strong><\/h3>\n\n\n\nGood\ncustomers that pay their bills on time are certainly worth retaining. If you\npay your bill in full on time every time, you have an excellent chance of\ngetting what you want. Again, I highly recommend that auto-pay feature for this\nexact reason. You\u2019ll never be late. And if you pay in full, it avoids accruing\ninterest and other problems. <\/p>\n\n\n\n
When\nyou\u2019re trying to get in the credit card company\u2019s good graces, it would really\nhelp to be sure you\u2019re not late paying even once<\/strong>. This will help you\nbuild a solid case for why they should waive that annual fee for you. <\/p>\n\n\n\nThird\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
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They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]","og_url":"https:\/\/fouedbenslama.com\/?p=74","og_site_name":"Foued Ben Slama","article_published_time":"2019-09-27T19:44:21+00:00","article_modified_time":"2020-12-11T14:04:13+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/i0.wp.com\/fouedbenslama.com\/wp-content\/uploads\/2019\/09\/Man-negotiating-a-better-credit-card-interest-rate.jpg?fit=1920%2C1280&ssl=1","type":"image\/jpeg"}],"author":"Foued Ben Slama","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Foued Ben Slama","Est. reading time":"28 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fouedbenslama.com\/?p=74#article","isPartOf":{"@id":"https:\/\/fouedbenslama.com\/?p=74"},"author":{"name":"Foued Ben 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Third\nStep: Always Negotiate By Phone<\/strong><\/h3>\n\n\n\nI\nknow we\u2019re all in tune with texting and chatting these days, but dust off those\nold phone etiquette skills and speak to a human at the credit card company. Be\nrespectful and kind as you make your case<\/strong>. But remember, most of the people\nyou\u2019ll speak to only have access to tell you if you\u2019re eligible or not. They\u2019re\nnot required to offer you anything special though but if you\u2019re polite, you can\nsometimes talk your way into getting them to vary the offer. <\/p>\n\n\n\nThe\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\nAs\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n
Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n
An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\nWhen\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n
As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n
Extra\nspecial bonus tip!<\/p>\n\n\n\n
Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n
Best\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\nDuring\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\nWhen\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n
Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n
One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\nThis\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\nIt\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n
I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n
Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n
Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n
And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\nAnd\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n
This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n
Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n
But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\nRead\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\nIf\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\nYou\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n
Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\nBut\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\nFor\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n
Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n
If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\nWhen\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n
It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\nThere\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\nKindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\nStill\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n
\u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\nAgain,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\nFor\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n
Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\nWhen\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n
Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\nI\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n
If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\nPenalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\nSo,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n
But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\nYou\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n
Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n
But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\nDoes\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n
Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n
If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n
Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n
But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n
You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n
Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n
List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\nYou\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n
If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":"
If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\n
How to negotiate better credit card fees, interest, and debt - Foued Ben Slama<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fouedbenslama.com\/?p=74\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to negotiate better credit card fees, interest, and debt - Foued Ben Slama\" \/>\n<meta property=\"og:description\" content=\"If you have a credit card, or even two or three of them, you might already know how convenient they are. 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The\ntrick here is to build a strong case while keeping your cool, calm, and\npolite demeanor<\/strong>. There\u2019s no need to get testy and snap and say things like,\n\u201cWell, I\u2019m going to cancel this card!\u201d You don\u2019t need to lie either to get what\nyou want. Simply remind them of your good standing with the card and timely\npayments while letting them know you really don\u2019t like paying that annual fee.\nThen ask them if there is anything they can do for you. <\/p>\n\n\n\n As\nso many of us are used to texting what we want, it can feel a bit intimidating\nto ASK for it verbally. So, how do you do that, especially if the first person\nyou speak to says their hands are tied? Screaming at them won\u2019t work (please\ndon\u2019t do that) so your next option is to get them to send you to the retention\ndepartment.<\/p>\n\n\n\n Remember\nwhat I said about that above? That\u2019s the department that is specially-trained\nto prevent customers from closing their account. They have more authority to\nwork with you and grant your wishes, within reason of course. <\/p>\n\n\n\n An\nexample of what to say to get you to that department would be, \u201cHi, I\ncouldn\u2019t help but notice that my annual fee is going to be due soon. I\u2019m really\nnot sure I want to keep this card with such a big annual fee on it. As you can\nsee, I\u2019ve been an account holder for a while and I pay on time and have been a\ngood customer. Do you have any offers on this card that you can give me or is\nthere someone I may speak with who can discuss options with me?\u201d<\/em><\/p>\n\n\n\n When\nyou are polite like this, they should try to smooth things over and usually\nwill send you right over to the retention department. Once a person in that\ndepartment picks up the line, get ready to repeat again what you\u2019ve said to the\nother person in just as kind a voice.<\/p>\n\n\n\n As\nyou repeat this though, after you mention the bit about not being sure about\nthe card being worth keeping, add a compliment. Not like, \u201cOh you sound like\nyou have nice hair! I love nice hair!\u201d A compliment about the card. Perhaps it gives\nyou a hefty travel credit or 2% cashback or whatever the perk is. After you\ncompliment that feature, then say, \u201cWhile I love that about this card, I\u2019m just\nnot sure if that perk is worth the annual fee though.\u201d You can also team that\nwith an expression of polite disappointment in any perk that maybe has\ndisappeared since you\u2019ve been a cardholder. <\/p>\n\n\n\n Extra\nspecial bonus tip!<\/p>\n\n\n\n Call\nthe credit card company during their regular business hours during the weekdays\n(Monday through Friday) on the same week that your annual fee posts. When you\ncall really matters, which I\u2019ll explain just below. <\/p>\n\n\n\n During\nthose weekdays, the best time to land in the retention department is between\n9am and 10am for EST<\/em>. The more experienced reps tend to work earlier in the\nday during the week. Your goal is to try to get one of those people to help you\nbecause they are more motivated to help. Plus, they have a better knowledge of\nwhat they can offer you, thus giving you a better bonus.<\/p>\n\n\n\n When\nyou call early enough, you catch them when they\u2019re bright-eyed and\nbushy-tailed, ready to start their day off with a win. Remember, their job is\nto keep you from closing your account so they\u2019ll want their day to start off on\na high note.<\/p>\n\n\n\n Waiting\nlater in the day means you likely get someone less experienced or worse,\nsomeone that\u2019s had a terrible day being mistreated by people who can\u2019t seem to\nmind their manners on the phone. Even if you\u2019re polite, the damage is already\ndone and they\u2019ll be less inclined to fork over incentives for you to stay.<\/p>\n\n\n\n One\nimportant tip to know: banks keep records of these calls so don\u2019t hang up and\ncall again as it might not always work. Still, it never hurts to try if you\ndidn\u2019t get the result you want and call back again another time. Just like with\nanything else, the worst answer you can get when you want an offer is \u2018no.\u2019 Which\nbrings me to my next point\u2026<\/p>\n\n\n\n This\ndoesn\u2019t just work with credit cards but with other services too. If you didn\u2019t\nget the result you were after, and assuming your account is in good standing,\ngo ahead and call again. You might be able to get someone else that can help.\nSometimes when you call, you\u2019ll be told there is no offer currently available.\nCall back again though, especially if everything on your end is solid (timely\nbill payment, less than 30% of credit line utilization, etc.). You can even try\nfive minutes later and get someone else who is able to give you the kind of\noffer you\u2019re looking for. <\/p>\n\n\n\n It\u2019s\nnot too late if you already paid your annual fee, whether you just did it last\nweek or you did it six months ago. If you can, try to catch it before you pay\nit though. Regardless, you can still get offers to even things out.<\/p>\n\n\n\n I\nrecommend trying to stay ahead of things and give a call before that fee is\ndue. You\u2019ll get great results if your account is in good standing. There are\npeople that call right after the signup bonus posts though, and you should be\nvery careful if you try this. Banks close the accounts of customers that they\nfind to be problematic, and this would certainly qualify. You want the bank to\nwork with you and give you more incentives, not cut you off. <\/p>\n\n\n\n Something\nI recommend even more is to call your credit card company after that annual fee\nis posted on your bill but before you pay your bill, without being late on your\npayment. So, let\u2019s say your credit card bill has just arrived in the mail and\nyou\u2019ve been minding your p\u2019s and q\u2019s this whole time. The new balance plus the\nannual fee is due in a few weeks. But pick up that phone.<\/p>\n\n\n\n Remember,\nyour creditor has no incentive to waive annual fees when you\u2019ve already paid\nit. They never refund it or give out bonus points because they have your money.<\/p>\n\n\n\n And\nwhile I am a big fan of auto-pay, you should keep an eye on your account for\nthat annual fee. If you don\u2019t want to pay it, you will have to keep tabs on\nwhen that fee applies and make your case before that auto-pay comes out. <\/p>\n\n\n\n And\nnow, one of the most important things you can negotiate is an interest fee\nwaiver. This is for any of you that have credit card debt. Because without\nnegotiating down that interest, it\u2019s going to be difficult to pay off your\nbalance. <\/p>\n\n\n\n This\nis why you should be careful when you\u2019re offered 0% interest for 18 months for\nexample. If you can pay your balances comfortably, it\u2019s no problem. But if you\nwind up with an unexpected expense after that 18 months, you may very well find\nyour interest rate has shot up to something obscene, like 21.5%. Ouch! <\/p>\n\n\n\n Even\nif it goes to a relatively low APR, like 4.5%, that few extra points can cost\nyou hundreds of dollars or much more over the time you have that card. When you\npay what you owe monthly in full, APR doesn\u2019t affect you. When your refrigerator\nstops working, your car breaks down, or you\u2019ve got to suddenly fly to see a\ndying relative, those unexpected costs can cause us to break them down into\nmanageable chunks known as minimum monthly payments. And THAT is where the APR\ncan come in and do some serious damage.<\/p>\n\n\n\n But\nI have good news! Roughly 7 out of every 10 people that as for a lower\ninterest rate have their wishes granted.<\/strong> There\u2019s no need for a magical\ngenie to help you.<\/p>\n\n\n\n Read\non and I\u2019ll show you how to make a lower interest rate happen!<\/p>\n\n\n\n If\nyour interest rate is high, even if you\u2019re paying on time, it pays to negotiate\nit. You never know when an emergency will arise that will necessitate your\nhaving to pay only the minimum due. Here\u2019s what I recommend for being among the\n70% that negotiate a better interest rate.<\/p>\n\n\n\n You\ncan try calling up and asking but a simple, \u201cPretty please with sugar on top\u201d\nmight not cut it. You\u2019ll likely have to prepare for negotiations. Don\u2019t be\nintimidated because you have the upper hand here. See, it\u2019s expensive for\ncredit card companies to lose customers. Now that you know that, you can\nleverage it to your advantage. <\/p>\n\n\n\n Before\nyou engage in these negotiations though, do a little homework. Get your\nnumbers in order in front of you. You should know what your current balances\nare. You should also be prepared to mention how much interest you\u2019ve paid\nduring the last year. This way, you can explain to the rep why they should give\nyou a better interest rate.<\/strong><\/p>\n\n\n\n But\nthat\u2019s not all. You should also see what other lower-interest cards are out\nthere and keep any offers you\u2019ve received from your inbox or your mailbox on\nhand. Make a sheet of notes so you\u2019re not fumbling through the papers and\nlosing your confidence. Remember, if you\ncan give them a good reason to keep you on and show them that other companies\nare offering you more perks and a lower APR, you\u2019re likely to get exactly what\nyou want. <\/p>\n\n\n\n For\nthose issuing credit cards, they want to keep their best customers. If you\ndon\u2019t pay on time or have some blips, now is not the time to ask. You should\nthen step back and focus on making yourself the kind of desired customer a\ncredit card company wants.<\/p>\n\n\n\n Having\na good credit score is one thing that can really do the talking for you. It\nshows you can handle your debts and are responsible. If you have a FICO score\nof 670 or higher, you\u2019re golden. If your score isn\u2019t this high, work on getting\nit to that level. Then you will likely have better ground to stand on when\nnegotiating. Depending on your card, your credit card issuer may require that\nscore to be higher. If you have a score of 740 or higher, it is extremely\nunlikely you\u2019d be told \u2018no\u2019 during your negotiations for a lower APR.<\/p>\n\n\n\n If\nyou can\u2019t say good things about your credit score, now isn\u2019t the time to ask.\nYou can try, but you\u2019ll likely be turned down. Instead, take a year to make\nsure all payments are made in full (or paid down significantly) and on time. <\/p>\n\n\n\n When\nnothing is ventured, nothing is gained. If you want a lower rate, call and ask\nfor it. Remember, the worst thing they can say to you is \u2018no.\u2019 Make sure you\u2019ve\nchecked to see if you\u2019re in good standing and that you have any offers from\nother cards on hand to name-drop during the call. <\/p>\n\n\n\n It\u2019s\nsimple but it works in most cases as long as you\u2019re not a problematic\ncardholder. So many people are so afraid of being rejected that they fear to\npick up the phone. Just call, and ask to speak with a manager. Maintain your\nair of politeness the whole time, no matter who you\u2019re speaking with. Proper\nmanners go a long way, believe me. See what I mean below and keep reading!<\/p>\n\n\n\n There\u2019s\nthat old motto about trying again if you don\u2019t succeed the first time around.\nThat doesn\u2019t mean be a pest, but rather, keep at it. Be kind and pleasant as\nyou do. So, for example, if the first person you speak with tells you \u2018no,\u2019\nthen kindly ask if you can speak to a manager<\/em>. Don\u2019t give up until you get\na rep that is willing to help. I don\u2019t recommend calling them every single day but\ndo keep up with calling them throughout the next few months. You don\u2019t want to\noverdo it and wind up on their blacklist.<\/p>\n\n\n\n Kindness\nthough is important. These people are like you, working a job. Being polite and\nfriendly really does go a long way. You wouldn\u2019t believe how many people call\nup and are rude when they have complaints. And speaking of that, if they did\nmake an error on your account, don\u2019t ever scream or be rude. By all means, let\nthem know you\u2019re unhappy and that you realize it\u2019s not that person\u2019s fault so you\ncan get them to come around to your side.<\/strong> <\/p>\n\n\n\n Still\nlacking confidence in making that call? Here\u2019s what you should say:<\/p>\n\n\n\n \u201cHi,\nthis is (insert your name here). I\u2019ve been your customer for (insert amount of\nyears here), and I\u2019d really love to get a lower interest rate on my card. I\u2019ve\nbeen making my payments on time every month and I spend (insert amount) every\nmonth (or year) on this card. I was just offered a new card with (name of\ncompetitor you\u2019ve recently received an offer from). It\u2019s like your card but they\u2019ve\ngot a lower interest rate at (insert the lower rate of the competition\u2019s card).\nBecause we have a history together, I\u2019d like to stay with your company but I am\nreally motivated by this other offer. Would you be able to match their offer\nfor me?\u201d<\/em><\/p>\n\n\n\n Again,\nif you\u2019re in good standing, it\u2019s very unlikely you\u2019ll hear a \u2018no\u2019 on that one,\nespecially when you say it politely. <\/p>\n\n\n\n For\nthose of you with concerns of lowering your interest rate, you should take a\nlook for a card that has a balance transfer deal for new customers. This would\nenable you to shift your balance from the card you have to a new one, typically\nwith no interest during that intro time period. By doing this, you can buy\nyourself anywhere from 12 months to 18 months to pay down your debt all without\nany interest. <\/p>\n\n\n\n Be\nforewarned though that balance transfers almost always require some sort of\nfee. Usually, that fee is around 3% to 5% of the balance that you are\ntransferring. For example, if you transfer a balance of $1,000, you will pay\n$30 or $50 with those example fees. That added cost might well be worth it\nthough if it buys you time to chip that balance away with no additional\ninterest accruing. <\/p>\n\n\n\n When\nnothing else works out, you can always try for a personal loan. This could give\nyou just what you need to put as a deposit into your bank account. But don\u2019t be\nlulled into a false sense of confidence here. Just ignore that money except for\npaying off your credit cards. To spend it on anything else would land you in\nmore debt that you\u2019ll have to pay off. It\u2019s not free money!<\/p>\n\n\n\n Once\nyour funds clear for the loan, pay every credit card you have off in full. Use\nthe online bill pay from your bank, mail a check, or go to the credit card\u2019s\nwebsite and pay there. Pay them off as quickly as you can and you\u2019ll stop\naccruing more interest. Then, once everything is paid off, tuck your cards away\nso you won\u2019t spend on them unnecessarily again. <\/p>\n\n\n\n I\u2019d\nlike to take a moment to address penalty rates. If you have one on your card,\nthat\u2019s a big problem. This is why it\u2019s so important to make your payments on\ntime. These penalty rates are often at 30% or more. They\u2019re typically applied\nwhen you’re late with a payment by 60 days or longer. <\/p>\n\n\n\n If\nthis is your current situation, keep calm and keep reading. I\u2019m going to walk\nyou through how to get yourself out of this sticky situation. <\/p>\n\n\n\n Penalties\ntend to stick for a while, but if you make 6 timely payments consecutively\nafter that penalty rate has been added<\/strong>, the trusty Credit CARD Act of\n2009<\/strong> requires that the issuer of your card review your account to get\nyour old rate restored<\/strong>.<\/p>\n\n\n\n So,\nwhat you need to do here is pull up your bootstraps and make those payments on\ntime, and do that EVERY time. Your situation won\u2019t change until you do. After\nmaking the payments, give the card company a call to ask when they\u2019ll review\nyour account. I can\u2019t guarantee they will decide to reduce it but if you are\npolite about it and show your good intentions, you will likely have good\nresults.<\/p>\n\n\n\n But\nthose results won\u2019t happen before six months. So, get your situation balanced\nback out and then you\u2019ll find things are going your way. <\/p>\n\n\n\n You\ncan try, though it\u2019s not very likely to get it. Ask for a match or a waiver.\nAgain, the worst thing you\u2019ll be told is \u2018no\u2019 but it never hurts to ask. <\/p>\n\n\n\n Honestly,\nyou\u2019ll have to review the terms your credit card company has in place and the\namount of the debt that you transfer over. It helps to look at this as a math\nproblem, if you will. Perhaps you\u2019ve got a $2,000 balance you want to transfer.\nThe card you want to transfer to charges a balance transfer fee of 3% of that\namount you transfer (or $5, depending on whichever is greater). So, in this\nexample, your balance transfer fee would be $60. <\/p>\n\n\n\n But\nreview what cards offer you! Other cards could charge a 5% balance transfer fee\nfor transfers you make after the first 60 days of opening that account. That\nmeans that BEFORE that time, there is NO fee. So that same $2,000 transfer will\nmean you pay nothing. Read the terms and shop around for your best deal. You\ncan ask your card to match it or waive it. Again, good credit scores can really\nhelp, but if not, at least it\u2019s worth asking!<\/p>\n\n\n\n Does\nyour card have foreign transaction fees? It\u2019s probably not a big deal if you\nnever leave the country. But what about when you take a vacation or have to do\nmore travel outside your own borders for business as I do?<\/p>\n\n\n\n Those foreign transaction fees are a huge pain. Many cards charge them which can tack on an additional 3% to the cost of your transaction. But many cards are starting to waive those fees, especially those for higher tier travel cards. The tradeoff here is that they have larger annual fees.<\/p>\n\n\n\n If\nyou\u2019re a big traveler and have excellent credit, you likely have cards that\nwaive these annoying fees. For those of you starting out into the credit world,\nyou might not have those kinds of cards or you just don\u2019t do much international\ntravel. So, what can you do?<\/p>\n\n\n\n Thankfully, there are many cards now that don\u2019t impose foreign transaction fees which are aimed at every type of customer. If you think you might be traveling more outside of your own borders, apply for a credit card that has no annual fees and doesn\u2019t charge any fees for foreign transactions. <\/p>\n\n\n\n But there\u2019s a caveat here and that\u2019s this: say you\u2019re planning a trip to one of the nearby foreign lands, like Mexico or Jamaica. If you\u2019re planning on spending around $1000 on your card and it charges a 3% foreign transaction fee, that\u2019s only $30. Meanwhile, if you apply for another credit card, you get that credit inquiry on your history. It might just be worth it to pay the fee. However, if you want to start making travel a regular thing, you should certainly look into a card that won\u2019t impose fees. <\/p>\n\n\n\n You\njust never know! I had a friend who one day up and decided to move to South\nKorea. He was lucky because he had a card that didn\u2019t have foreign transaction fees,\nso he was able to use his card as needed. <\/p>\n\n\n\n Not sure where to find credit cards with ZERO foreign transaction fees? Hey, I won\u2019t leave you hanging. Look below and you\u2019ll find my handy table for credit cards without foreign transaction fees <\/p>\n\n\n\n List of credit cards with no foreign transaction fees<\/em><\/strong><\/p>\n\n\n\n You\nmight think you\u2019re stuck with the fees and rates your credit card imposes, but\nthat\u2019s not always the case. When you have good credit and pay on time, you can\nnegotiate many things in your favor. Banks and credit cards want you to stay\nwith them and be a customer. You have the advantage here.<\/p>\n\n\n\n If\nyou\u2019re struggling, get yourself back on top by following my tips and making\nyour payments on time. Once you fix this, everything will fall into place and\nyou\u2019ll be able to breathe a sigh of relief!<\/p>\n","protected":false},"excerpt":{"rendered":" If you have a credit card, or even two or three of them, you might already know how convenient they are. They\u2019re a blessing when you have an emergency or are short on cash and need to put gas in your tank, buy food, or even that shirt you just […]<\/p>\n","protected":false},"author":1,"featured_media":79,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\nBest\nTime to Call Your Credit Card Issuer<\/strong><\/h4>\n\n\n\n
Fourth\nStep: Call Again If You\u2019re Not Satisfied<\/strong><\/h3>\n\n\n\n
Fifth\nStep: Don\u2019t Worry About Timing Your Annual Fee<\/strong><\/h3>\n\n\n\n
Credit card interest fee waiver<\/strong><\/h2>\n\n\n\n
Here\u2019s\nhow you can negotiate a credit card interest fee waiver<\/strong><\/h4>\n\n\n\n
– <\/strong> Shop around for better interest rates<\/strong><\/h3>\n\n\n\n
–\nBecome the most desirable customer around<\/strong><\/h3>\n\n\n\n
–\nCall and request that lower rate<\/strong><\/h3>\n\n\n\n
– Be polite and persistent<\/strong><\/h3>\n\n\n\n
– <\/strong> The alternative: Consider a balance transfer<\/strong><\/h3>\n\n\n\n
– <\/strong> If all else fails, get a personal loan at lower rates<\/strong><\/h3>\n\n\n\n
Penalty rates<\/strong><\/h2>\n\n\n\n
How\nto get rid of your credit card penalty rates<\/strong><\/h3>\n\n\n\n
You may also be able to reduce or avoid balance transfer fees <\/strong><\/h2>\n\n\n\n
How\nto avoid foreign transaction fees when using credit cards<\/strong><\/h2>\n\n\n\n
<\/figure>\n\n\n\nConclusion<\/strong><\/h3>\n\n\n\n