You probably already know that you can haggle over items at a flea market or the price of a new car, but the one thing many people don’t haggle over — but should — is credit card costs. Whether it’s the first time you’ve missed a payment and you’re being charged a fee, or your interest rate is too high or you want to increase your available credit line, everything is negotiable.
If the thought of haggling with your big, scary bank keeps you up at night, fear not — we have the scripts you can use for just this situation, so you’re more likely to stay calm, level-headed and actually get what you want.
The first thing to remember is that in many situations, you should act fast. The quicker your reach out a bank, the better your chance of getting the situation resolved to your liking. Most consumer protections related to fraud disappear if you wait longer than 60 days to bring it up, so missing this window could mean assuming liability. Your goal with disputes related to a fee the bank has a legal right to charge (think overdraft or late fee) is to get the bank to overturn it as a gesture of goodwill, probably because you’ve been a responsible customer.
When you do call, ask to speak first to a customer service representative, and when you get one, be friendly and succinct. In life they say you catch more flies with honey than vinegar, and the same is true in banking. No matter what you’re asking for, you’ll want to point out how long you’ve been a loyal customer and why you’re valuable to them (aka how much you spend with them), and explain what you want in simple terms. For example, you might say:
“I’ve been with this bank for 10 years, and I spend at least $2,000 on my credit card each month. If you can’t help me resolve my problem, I will have to ask that you close my account.”
If you’re requesting that a late fee be removed, and you believe the fee has been charged in error, you have even more leg to stand on. Then you might add:
“I don’t believe my recent late fee is justified. I submitted my payment on November 6th, which is the same time I submit it every month, but for some reason I was charged a late fee this month. I would like for the fee to be reversed, and for you to ensure that no reporting has been done to the credit agency.”
It also behoves you to thank the customer service rep in advance for any help by saying something like:
“I understand mistakes happen, and I really appreciate your help. If we can resolve this today I’ll be sure to recommend your services to friends.”
If the customer service rep can’t help, ask to speak to the team that handles complaints, or to the manager. At the end of the day, banks really hate to lose a customer, so threatening to leave (even if you don’t really plan to) is a good tactical maneuver. What’s more, when you are transferred to a Retention team after threatening to leave, you will often be offered further incentives to stay, which could then include options to reverse your fees, reduce your APR or increase your credit limit.
If at the end of the day you can’t get what you want from your bank, and you really think it might be time to cut your losses, remember that you can close an account, even if you carry a balance. Just say:
“I’m going to close my account and use another card issuer. I’ll transfer my remaining balance over to them with a balance transfer. It would be really easy for you to stop me, but if you can’t [insert what you’d like done here], then I’ll have really no choice.”
Check out more information about haggling with your credit card company (whether via phone or social media, which is another good way to go) in this story.