Things You Can Request From Your Credit Card Issuer BY: www.newhorizon.org
As a credit cardholder, many things can trouble your mind. Perhaps you are stuck with a high-interest card, a lower credit limit, or you can’t seem to pay off your unsecured credit card debt.
Some people may not be aware, but you can ask your credit card issuer to lighten the burden for you. It is like asking them for a favor. Simply, all you have to do is give your credit card company a call.
Here are some of the things you can request from your credit card issuer.
Waiving a late payment fee Did you delay in paying your monthly balance? Worry not. Your credit card issuer may waive the negative entry, but only if you ask them. There is a good chance that cardholders are paying fees for late payment without knowing they can avoid the penalties with a simple phone call.
Lower your interest rate â—? If you opted for an unsecured credit cards for bad credit with no deposit, you are probably paying high-interest rate. If that is so, you may feel like the payments you are making towards your monthly balances have no effect. â—? All the same, you can ask your credit card issuer to lower your annual percentage rate (APR). But you have to take the initiative. With a lower APR, you will save
Raising your credit limit ● A higher credit limit can supercharge your spending power. You can go for that trip or shopping spree you have been visualizing. ● Keep in mind that asking for a higher credit line causes a hard inquiry. Your credit score may drop slightly for a temporary period. ● Also, the credit inquiry can make it hard for you to obtain a mortgage. ● It is highly likely credit card issuers will turn you down if your recent balance is huge.
Waiving your annual fee ● If the banks are offering an attractive sign-up bonus, you could open a credit line to sign up for it. ● The deal can include waiving of the annual fee for the first year. You could pay between $25 and $450 in the annual fee. ● Making that short phone call can save you a significant amount of money.
Switching to a different card ● Maybe you had a job that required you to travel the world, but now you just have to work at home. ● So, those rewards from your airline credit card are not of benefit to you anymore. ● In that case, you can request the bank to switch to a different credit card.
Being placed on the hardship plan â—? If making your monthly payments is turning to be a challenge because you are going through a financial difficulty, you could talk to your card issuer and ask them to put you on a hardship plan. â—? For instance, there are assistance programs for cards holders going through a financial struggle.