Chances are you have at least a few credit cards, but did you get the best deals! I suggest that if you've been late paying bills you're probably not. But what's done can be undone. Here's how!
Start Paying On Time, But Not Your Whole Bill
The most desirable customers for credit card companies are those who make monthly payments on time (showing that they're dependable), but don't pay off the whole balance (so that the companies can still make a profit off of the interest).
If you maintain a
consistent pattern of running a relatively small balance each month,
then the companies become more and more happy to offer you better
Profit From Your Ability to Choose
There are lots of credit card companies to choose from, which makes the credit card industry extremely competitive. Sometimes they are as eager to keep your business as you are to have an account with them. Exploit that sentiment to get the best credit card deals possible.
So, when you find better rates all bets are off, as you'll lose money by not taking advantage of deals that offer things like "0 apr credit and 0 balance transfers."
Ask For Reduced Rates To Get The Best Credit Card Deal
I've gotten reduced interest rates on existing accounts by simply calling my credit card companies and asking for it. Some did and some didn't, but you'll never know until you ask.
I've found that they're more likely to lower your rates when they think you're about to close your accounts with them, and/or transfer your balance to another company.You can do the same to get the Best Credit Card Deals...and a good script to accomplish it is to have a conversation something like this:
Them: Hello, how may I help you
You: Oh hi, I was just calling to ask if there's anything that you need to do to transfer my balance to this new card I'm getting?
Them: Well… may I ask what card that is?
You: Oh, I got the offer in the mail this morning. [Tell them all about the great interest rate and everything. If you feel so inclined, “creatively add” to the advertisement, but keep them reasonable].
Them: And you've accepted that offer?
You: I'm just about to, yes.
Them: Well, hang on… we might be able to offer you a better rate on the card you've got…”
The key to getting the best credit card deals is to get the company to think you're really about to leave due to the advertising, and they will try to keep you as a customer.
You don't need to talk about your own status as a good customer, as they already have access to your records and understand your value.
As you have nothing to lose, only things to gain, drive a hard bargain, and be prepared to walk away.
If you turn down their so-called ‘best offer’, hang up as there's a good chance that they'll call offering you a better one!
An often amusing tactic is to phone your current company, get an offer from them, then phone around more and try to see if you can get another company to beat it. Once its beaten, call your company back and let them know.
These tactics are a basic strategy in many business situations, which is why they work so well. As these companies would prefer to have your business (as opposed to none at all), they will often compromise to keep you as a customer.