How To Make Credit Card Companies Dance To Your Tune
Has it ever occurred to you that the policies applied by credit card companies are devious, and offensive? Actually, if any other industry would apply the same policy of cheating clients out of their hard earned cash like these companies do, they would be jailed with a reprisal. Sadly, the government seems to be blind on such unscrupulous acts, hence literally giving the companies a green light to steal.
The approach applied by these companies is what makes your debt form that vicious cycle. What do you expect when the credit card companies will always jack up interest rates as they wish while adding unsubstantiated charges such as the membership and transfer balance fees? This is a clear indication that your debt carriers are your best, yet worse enemy.
The good news is, you can be the boss and not the credit card companies. This is made possible by the mere fact that the credit card industry is very competitive, and your creditors know that too well to let you slip off their fingers. It is high time you put the companies on notice, and let them know that it’s their duty to serve you and not the other way round.
To start you off, request for your statement for the past year and look at any extra fees that were charged without your consent. Next, call the company and request to speak to someone who can make alterations in your account. Let them know you mean business and if they aren’t ready to play ball, threaten to close the account. That will catch their attention and they will need to establish your reason for closing. They may even lower your interest rate based on how much you are willing to work with that certain credit card company. Go direct to the point and say it is because they are imposing unfair fees, and that you want the interest rates reduced to a certain rate.
Since they wouldn’t want to lose a faithful customer who has a loan and is capable of paying, the company will dance to your tune. Request them to reimburse all unreasonable charges for that past year. You are likely to get protest from the company, but stand firm on your ground. Let them know that you know your rights, and that you can close the account and file a complain with the US Attorney General or the Better Business Bureau.
Remember, the credit card companies dread hearing these words; hence the words can be your secret weapon to make you be the boss and not the companies bossing over you as they wish.
Unfortunately this tactic doesn’t work that well anymore. Banks are actually actively looking for reasons to close down consumer accounts and reign in lines of credit. So you might not want to threaten to close your account unless you are serious, because they just might take you up on your offer. Banks are trying to reduce their exposure to high risk debt as fast as possible.
Also banks know that it is difficult for consumers to close accounts right now, especially if they have large balances. Since they probably don’t have cash lying around to drop 10K to pay off a card and close it, they will have to look for a balance transfer. In this economic times, Balance transfers are difficult to get especially with good terms.
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