How to Negotiate with a Credit Card Company

By Leni Parrish on August 17, 2012

Negotiating with credit card companyCredit card companies face a competitive market. When you know what can be negotiated with your credit card company, you can more easily negotiate with creditors when necessary.

Let’s look at the top 3 things that people negotiate with their credit card issuers:

1. Credit limits – Negotiating a higher credit limit is as easy as making a phone call. Many people first ask for a higher credit limit when a large purchase like a vacation or new furniture would put them over their limit. If you haven’t requested a credit limit increase recently, do so!

2. Interest rates – Interest rates can always be negotiated. Typically, a credit card company has a set of interest rates in the low, medium, and high categories for each individual card. Moving up and down the ladder is common. Generally, companies will increase your interest rate automatically. However, decreases in your interest rate are very few. Always negotiate a lower interest rate when you can – a simple phone call or letter will suffice as a request.

3. Annual fees – Annual fees are exceptionally negotiable. Many of the top of the line credit cards have annual fees; however, an annual fee is not set in stone. Most annual fees can be waived for new and seasoned credit card customers. At the worst, an annual fee will be cut in half or otherwise reduced for any customer who makes a phone call. Luckily, your benefits that you receive as part of the agreement to pay an annual fee will remain the same. Use this one carefully, as negotiating a lower annual fee is exceptionally rewarding.

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