When To Ask for a Better Credit Card Deal

Most people know that they should look for a credit card that is going to offer them a great interest rate without an annual fee. Many also realize that they should seek out a credit card with good benefits and a rewards program associated with it. However, most people don’t realize that these are features of a card that you can actually get after you’ve already owned the card for awhile. There are ways to get a better credit card deal on your existing card rather than trying to find new cards with a good deal. In most cases, all you really need to do is ask.

The ideal time to ask for a better credit card deal is when you’ve already demonstrated that you’re a good customer for the company. If you’ve already shown that you’re going to use the card regularly and make on-time payments, the company is going to want to keep you as a customer. As a result, letting them know that you’re thinking about switching to another company that’s offering you something better is going to encourage them to say, “wait a minute, we can do that for you”.

What you might ask the credit card company for varies depending on your needs. You may want a bigger credit limit which is one of the easiest things to get if you’ve established good credit with the company. You might want a better interest rate. Perhaps you want to transfer new balances to the card and want the fee to do so to be waived. Or maybe you just want your payments to be scheduled for a different date. These are all things that a good credit card company will usually change for you if you ask.

Other requests may require you to upgrade your card with the company. For example, you may want to add a rewards program to the card which the company will tell you it can’t do but they’ll offer you a different card with rewards instead. Alternatively, you may want platinum level benefits such as personal concierge service from your card which would require an upgrade to a new card. The key here is to ask to have at least the same terms (if not better) as your current card and to ask that all annual fees or application fees be waived.

So, are you out of luck with these kinds of requests if you’re not someone that has established good credit with the company? Not necessarily. Being in a financial bind is another good time to ask for a better credit card deal. If you explain to your company that your options are either to get a better deal or to default on the loan, they’re probably going to want to help you out. Alternatively, you can ask a new credit card company with a focus on bad credit borrowers for a better deal than what you get from your current company. Often, this is a case of “ask and ye shall receive”.