By: Carmen Chai | CreditCards.ca | May 22, 2014
Read More, and see what Mike Gomes says about how to get a better credit card deal.
Tired of paying the annual $120 fee on your credit card? Or are you wading in debt and need the relief of a lower interest rate? You can always try negotiating with your credit card provider to get a better deal. It just takes some planning, practice and patience, according to Canadian personal finance experts.
Before you scoff at the idea, give it a chance. You may be surprised at how easy it can be.
The U.S. Public Interest Research Group conducted a study in 2002, recruiting volunteers who called their credit card companies to ask for a lower interest rate. With a single, five-minute phone call, 56 per cent of the volunteers were successful.
In a similar, informal study by the Canadian Broadcasting Corporation, 10 Winnipeg mall shoppers read a script to their credit card issuers. Six were handed a lower rate just by reading the few lines dictated to them:
“I think I’ve been a good customer. I’d like to stay with you, but I really want to lower the rate on my card. Can you help me?”
