Woman's hand holding credit card in left hand while negotiating terms on the computerMichael Joyce sat down with Rachel DePompa of NBC12 to discuss improving and negotiating credit card terms. Most people don’t realize this, but you can approach your credit card company and negotiate or even request new terms such as a higher or lower credit card limit, a lower payment and especially lower interest rates. The ongoing pandemic even gives you extra leverage.


Credit Card Companies Want to Negotiate with You

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 says, ”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.”

Michael suggests looking at other deals, knowing your options and what you can ask for. The credit card companies want to keep your business.


Credit Card Companies Know You Could Transfer a Balance

Rachel DePompa adds, “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.”

For information about how the timing and amount of your credit card payments can impact your credit score, see Financial Planning Analyst Jennifer Pieson’s informative blog post, Credit Card Smarts – Micropayments.