There are many benefits of excellent credit, including the power you gain when negotiating with your credit card company (and other creditors).
Since you have an excellent credit score, your credit card company doesn’t want to lose your business. In fact, they want to keep you happy for as long as possible.
With this in mind, you have the upper hand when negotiating with your credit card company. Here are some of the points to negotiate on in the near future:
1. Rewards Program
Even if you enjoy your rewards program, don’t hesitate to shop around. If you find one that has more to offer, contact your credit card issuer to let them know you’re thinking of making a change.
This will lead them to not only review your account, but also make suggestions as to how they may be able to help. Don’t be surprised if they’re able to move you into a more lucrative rewards program, without the requirement to first use the points you’ve accumulated to date.
The best credit cards often come with an annual fee. While you can’t escape this fee every year, it’s worth trying.
Contact your credit card issuer, explain why you’ve been such a good and loyal customer, and ask them if they can waive your fee.
There’s no guarantee of success, but you might as well put your best foot forward. This is particularly true if you have a high annual fee, such as $300 or more.
If another fee pops up on your account, such as one for making a foreign transaction, you can also ask to have it removed.
3. Interest Rate
Maybe your interest rate has crept up over the years. Even if you don’t carry a balance from month to month, it’s something to keep a close eye on. You never know if your situation will change in the future.
Ask your credit card issuer if there’s anything they can do to help. For example, if you have a variable rate right now, ask about switching it to a fixed rate.
It’s your hope that your credit card company values you as a customer. If they do, they’re more likely to work hard to keep you satisfied.
However, there may come a point when you’re not getting what you want. If this happens, it’s time to open your mind to new opportunities. Answer questions such as:
- What do you like most about your credit card?
- What do you like least about your credit card?
- Is there a particular feature(s) you’re looking for in a new card?
If you’re ready to make a change, contact the issuer with any questions that you have. This will allow you to make the best possible financial decision.
If you have excellent credit, don’t let it go to waste. Instead, use it any time you can, such as to negotiate with your credit card company.
A successful negotiation will go a long way in keeping you happy, and that’s exactly what you want!