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Credit Card Companies
_So, you were on vacation, soaking up the sun and drinking Pina-Coladas. It was a spur of the moment trip and you had the time of your life. Only one problem – you forgot to pay your bills.
Now, this is not like you. You are responsible, have a carefully managed budget and always pay your bills on time. Still, you know you’re in for it. Your rates are going to raise, you’re going to be slapped with late fees and your credit virtually ruined. Right?
Not necessarily. If you have an outstanding credit rating and a strong relationship with a credit card company, most companies offer leniency the first time you make a payment error. This is done out of respect for the choices you have as a consumer.
When you check your mail, odds are you receive several if not hundreds of credit card offers per year. These can range from incentive cards to business cards to your basic, standard credit card offer.
Either way, they promise that you have been pre-approved and have tons of credit cash out there just waiting for you to claim. Although the reality may be slightly different if you reach out to these companies to claim all that they offer, one truth remains the same – there are several credit card companies vying for your business. Remaining loyal to a company that does not help you out in a pinch is not within your best financial interest.
Why a Card Company Wants Your Business
A credit card company needs your business because, if you carry a balance or pay an annual fee, they are making money off of you. Even if your interest rate is low – zero percent to ten percent – that’s still money in the bank. Losing your business loses them money, so their number one objective is to keep a good client as a client. That’s where your payment history comes into play.
If you have carry interest, use your card and maintain a great payment history, you are an ideal credit card consumer. The credit card company not only makes money off of you, you actually pay them what you said you would. They do not have to waste their funds trying to receive promised payments via expensive assistance from collection agencies. Therefore, losing you as a client is not within their best interest.
How to Get Your Credit Card Company to Work for You
Call and ask. It’s that simple. If you are a good customer, a credit company will want to reward you and keep your business.
Let’s say that, as in the example above, you missed one payment over the course of 2-5 years. Call up the company and ask to have your late fee removed and your interest rate restored to where it was.
If the person you are speaking with denies your request, ask to speak with a supervisor. Explain that you are a good customer with a great history and simply made a mistake that will not happen again.
Usually, the supervisor will honor your request and if he will not, inform him that other companies would be happy for your business if he will not comply. It’s rare that you will have to follow through on your threat to transfer your balance to another company, as your credit card will probably be willing to work with you, if this is truly an isolated incident.
Protect your credit but know you have options. Take charge of your credit cards today.
Now, this is not like you. You are responsible, have a carefully managed budget and always pay your bills on time. Still, you know you’re in for it. Your rates are going to raise, you’re going to be slapped with late fees and your credit virtually ruined. Right?
Not necessarily. If you have an outstanding credit rating and a strong relationship with a credit card company, most companies offer leniency the first time you make a payment error. This is done out of respect for the choices you have as a consumer.
When you check your mail, odds are you receive several if not hundreds of credit card offers per year. These can range from incentive cards to business cards to your basic, standard credit card offer.
Either way, they promise that you have been pre-approved and have tons of credit cash out there just waiting for you to claim. Although the reality may be slightly different if you reach out to these companies to claim all that they offer, one truth remains the same – there are several credit card companies vying for your business. Remaining loyal to a company that does not help you out in a pinch is not within your best financial interest.
Why a Card Company Wants Your Business
A credit card company needs your business because, if you carry a balance or pay an annual fee, they are making money off of you. Even if your interest rate is low – zero percent to ten percent – that’s still money in the bank. Losing your business loses them money, so their number one objective is to keep a good client as a client. That’s where your payment history comes into play.
If you have carry interest, use your card and maintain a great payment history, you are an ideal credit card consumer. The credit card company not only makes money off of you, you actually pay them what you said you would. They do not have to waste their funds trying to receive promised payments via expensive assistance from collection agencies. Therefore, losing you as a client is not within their best interest.
How to Get Your Credit Card Company to Work for You
Call and ask. It’s that simple. If you are a good customer, a credit company will want to reward you and keep your business.
Let’s say that, as in the example above, you missed one payment over the course of 2-5 years. Call up the company and ask to have your late fee removed and your interest rate restored to where it was.
If the person you are speaking with denies your request, ask to speak with a supervisor. Explain that you are a good customer with a great history and simply made a mistake that will not happen again.
Usually, the supervisor will honor your request and if he will not, inform him that other companies would be happy for your business if he will not comply. It’s rare that you will have to follow through on your threat to transfer your balance to another company, as your credit card will probably be willing to work with you, if this is truly an isolated incident.
Protect your credit but know you have options. Take charge of your credit cards today.