August 5, 2009
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Ease the Squeeze
Ask, to receive.Even with many or the large credit card issuers recovering (thanks to us, the taxpayers), millions of us are still being squished by stingy bank practices. Many banking organizations are so twisted that they've brazenly adopted the lie that the bailouts were for the benefit of the banks, themselves. THEY WERE NOT! They were for the benefit of the public so we could continue to use credit cards to live on until we get good-paying jobs again. If you're one of those unfortunate "squeezed ones", then these tips may help you. If your interest rates have hiked or credit card limit has been reduced, you may have some wiggle room. It comes down to negotiating with your credit card issuer.
First off, find out where you stand with them. Often times, we're bundled into a credit card segment containing mostly higher risk. If you're the unfortunate who was wrongly included in their blanket fix, you may be able to be excluded from that segment. Find out exactly why you have been given less-favorable terms. It might be so simple as your not using the credit card often enough. That's an easy fix. Whatever the case, find out what it would take to return you to the favorable terms you once had. If its because you've lost your "good standing", find out what it would take to restore you.
When it comes time to negotiate, present your case well and don't be afraid to request a more authoritative audience than the first person you reach (who generally has little authority at all). You may need to secure a free credit card report from annualcreditreport.com, to back you up. Make sure you check that report for accuracy first. Arm with this, support you claim showing your longstanding good customer status. Present your good payment history and prepare a ready response for whatever derogatory charge you might anticipate. Make a case for your desirability as a good customer.
When negotiating, remember it's best to offer something in order to get something. If they're readily amenable, sure, ask for it all. But if you sense uneasiness, offer some sort of compromise. Make your respondent feel like they can come out of it looking good. Like Andrew Carnegie always said "Lavish them with hearty approbations". Be sure and share how happy you've been with their credit card service and support.