You might have heard it many times that you must use your credit card responsibly and pay off the balances in full each month to avoid paying interest. You cannot avoid the sticky situations and you may find it difficult to repay the debt. If you have trouble with overspending on your card, just hide it or put it in ice and freeze it!
Nevertheless, you still have to repay the debt and you can actually approach your credit card provider to change the terms and conditions so they are favourable for you.
What should you ask the credit card company when you’re paying off the debt?
When you feel like your credit card debt is going out of your control and you are accumulating more debt than you are repaying, you can do the following:
- Ask the credit card company to waive the late payment fee:
You might have missed the payment by a day or two and this was the first time that you have missed it, you can request your credit card provider to waive the late payment fee. Most people just pay the fee and end the matter. But, this gets recorded in your credit report and will reduce your credit score. You can request your provider to waive the fee and there is a good chance that they will oblige.
- Get your APR lowered:
When you want to get your annual percentage reduced, you must be ready to make your case. If you have received emailers where another credit card company was offering a card for a lower rate than you are currently being offered, keep them and ask your provider to match that rate. Most credit card companies prefer to retain their long term customers and they will cut down the interest rate by a certain percentage. This will help you save money in the long term and you can repay the debt with ease.
- You can change your due date:
If your due date is towards the end of the month or somewhere in the mid-month, you might be in a financial crunch. You can ask the credit card company to change your due date so that it is in the beginning of the month and you can pay the balance due as soon as you get your salary.
- Ask for rewards and other perks:
When you are negotiating the terms, you can also enquire about the additional rewards that the credit card company can offer to you. You may not get what you ask for, but you will get something.
- Enquire about easy instalment plans:
Enquire if the credit card offers easy instalment plans as they help you in the long run as you can convert your high ticket purchases to instalments. This way you won’t be charged a heavy interest.
You have nothing to lose by asking your credit card company to cut you some slack. They will be more than obliging to help you as they rather have compromised than you not making payments towards your credit card. Your credit card company will help you get out of debt and also help you fix your credit score, all you need to do is ask.