6 Requests You Can Convince Your Card Company to Grant

Wouldn’t it be wonderful if we all had access to a genie who could solve our financial problems with a snap of the fingers? Many times we’ve had our clients tell us “I wish my card issuer would increase my credit limit!’’ Or, "It would be great if this late fee would disappear.’’ However, what consumers don’t realize is that in many cases, their card company may actually be willing to say, "Your wish is my command!’’

Following are six favors that your issuer could grant … as long as you pick up the phone and ask!

Can You Waive My Late Fee?

If you’re someone who always pays your bills on time, but slipped up once, your card issuer may be willing to remove your late fee (after considering your relationship with the company, as well as your spending and payment history). They are also likely to take into account your excuse (you may have been ill or traveling), along with how late you were. As long as you’re a first- or second-time offender, and were just a couple of days late, there’s a good chance that you’ll succeed in getting your fee reversed.

Could You Increase My Credit Limit?

Perhaps you’re planning a big purchase or a long vacation and could do with a greater credit limit. In this case, your payment history, FICO score, and recent spending behavior will be scrutinized by the issuer before it grants your request. If you’ve recently accrued a huge balance or if you don’t use your card enough, it’s unlikely that you’ll get what you’re trying for. Same goes if your account is new (e.g., less than six months old), or if you don’t pay more than the minimum due each month. You should also be aware that asking for a limit increase could result in a hard inquiry and temporarily knock your score down by a few points. For more information on how to get your issuer to increase your limit, click here.

Will You Waive My Annual Fee?

Depending on your payment history, credit score, and length of time as a customer, your issuer may waive your annual fee, or at least offer additional rewards up to the amount of fee that you pay. Given that annual fees vary from $25 - $450, a simple phone call could save you oodles of money.

Could You Transfer Me to a Different Card?

If your lifestyle or daily requirements have changed, you may want to switch to a different card. For example, instead of a card that primarily rewards using travel miles, you may now want a card that offers cash back. In this case, after pulling your credit score, the issuer may be willing to transfer you to a different card. Nevertheless, make sure you redeem all the accumulated points on your current card before making this request, or you may well wind up losing them!

Can I Participate in a Hardship Plan?

Sometimes life throws us a curve ball – events like losing your job, illness, or even an impending divorce could make it difficult for you to pay your bills. In such cases, it may be worthwhile to request your issuer to put you on a hardship plan that offers lower payments, reduced interest rates or waived fees. From the card company’s perspective, it would be beneficial to receive some payment, rather than nothing at all, so they may accept your request. Nevertheless, ensure that you are proactive and approach the company as soon as you realize that you may have a problem paying your bill. Do not wait until you’re late on a payment before making this request.

Will You Decrease My Interest Rate?

If you’re racking up huge amounts of interest due to a high APR, ask your issuer if they would be willing to lower your interest rate. To convince the card company, gather relevant data before you make the call. For example, find out what the average APR is and how much competitors are willing to offer you. If you’re paying more than the average APR, or if rivals are willing to charge you lesser interest, point this out to your issuer and you may succeed in having your APR reduced.

For example, there are many financial institutions that offer credit to individuals at a rate that’s as low as 0%. At Fund&Grow, we use creative credit card financing to enable our clients to get as much as $250,000 or more of unsecured credit at 0% interest, for a period of 6, 12 or even 18 months. Thus, it is possible for you to obtain funds at a rate that’s much less than what you pay on your credit card – for this all you need to do is call us at (800) 996-0270, and we’ll take care of your funding needs for you.