Financial Negotiation
You don't have to settle for high interest rates on your credit cards or for ridiculous fees that banks charge on your checking or savings accounts. If you are in good standing with your financial institution, you have the power of financial negotiation behind you. Financial institutions want and need your business. They will make concessions to keep your business.
Credit Card Interest Rates:
If you're not satisfied with your credit card interest rate, call and let your credit card company or bank know. They will review your payment history and will most likely lower your rate. If you're still not satisfied with the lower rate that is offered, tell the institution that you are taking your business elsewhere. More often than not, you'll be transferred to a supervisor who will lower your rate a bit more just to keep your business. You'd be surprised at what they supervisors can do if they want to — and if you don't abuse the privilege.
This tactic may not always work but, if the institution isn't willing to work with you, you are probably better off leaving anyway. There are so many options out there for you to choose from that doing a little research can save you a lot of money. Credit Unions generally offer better deals across the board and are getting bigger all the time.
If you have several accounts with the same institution, you may qualify for further discounts on your rate and to have the annual fee waived.
Late Fees:
If you regularly pay your credit card bill on time but accidentally make one late payment and are charged a late fee, again by just making a phone call to the company and asking, you can usually get this fee removed.
Checking/Savings Account Fees:
The same financial negotiation tactic can be used for fees associated with your checking and savings accounts. If you are charged a monthly fee on your checking or savings account, give the financial institution a call. Speak firmly but reasonably, and let them know that you are unhappy about the fees you are being charged. Be specific and let them know that you are a long time loyal customer if that is the case. Often, fees will be reversed and the agent that you are speaking with can offer you alternatives so that you don't get charged again in the future.
Remember, being a good customer always has advantages. It puts you in the driver's seat and gives you power over your finances.
