12:19 16 October 2013
It may always be our intention to settle credit card debts fully and promptly. However, there may be times when this becomes impossible. Here are some tips on how you can negotiate for lower credit card dues:
1. Time your call or visit to the credit card company early in the morning when people are still feeling enthusiastic, friendly, and fresh. If you call towards the end of the day, people may already be tired and may not be as helpful and sympathetic to your cause.
2. Make it clear to them that you are not running away from your obligations and you would like to propose a realistic and acceptable mode of payment. Credit card companies can surely appreciate this gesture and will be more than willing to help you achieve this objective.
3. If this is the first time you are unable to pay your dues promptly or this has been the first time you approached them for a reduction in interest rate charges, emphasise this. It is generally easier for first timers to get approval for extensions or waived of interest charges.
4. Make them realise that you have been a long-time client and have been consistently using the credit card responsibly. Reminding the credit card company of your loyalty will make them more open to any reasonable request as they would not want to lose a valued client.
5. Negotiate for a lower interest rate. Not many know that this is possible. However, you should have had a good payment record to make this happen.
6. Request that late payment fees be waived. Again, this will only be possible if your records show that you habitually pay your credit card dues promptly and that you are committed to pay just a few days from the due date.
7. To avoid wasting time and effort, request to talk directly to the person who can approve your request. Record all the details of your conversation such as the time, date, name of the people you have talked to and their designations, and most importantly the agreement you have come to.
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