Negotiating new credit card terms

Updated: Dec. 2, 2020 at 8:15 AM EST
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RICHMOND, Va. (WWBT) - Most people don’t realize this, but you can approach your credit card company and negotiate or even request new terms.

That includes a higher or lower credit card limit, a lower payment and especially lower interest rates.

The ongoing pandemic even gives you extra leverage.

Companies are listening right now. If you’re worried about falling behind on a payment, they might be more willing to reduce that interest rate.

Michael Joyce with the Richmond financial firm AGILI says you wouldn’t know if you don’t ask.

”You can negotiate. It’s in the credit card issuer, or the bank’s best interest to have you pay something, to have you pay the minimum amount. In fact, they’d like you to pay the minimum amount and not pay off the whole balance,” Joyce said.

He adds, look at other deals. Know your options and what you can ask for. The credit card companies want to keep your business.

If you’ve always paid on-time, credit card companies are likely to reward you and give you a break to keep your business because, at the end of the day, a lot of people can transfer a balance to a different card.

Also, remember kindness when you ask, goes a long way.

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