Credit card companies love fees. Why wouldn’t that? Think about it. They get additional revenue with little expense. It’s a big part of credit card debt in their business. However, if you aren’t careful, it can become a major expense for you. When you pay fees to a credit card company, that’s money you can’t get back – to the tune of between $25 and $45 (or more) per incident.
While you are probably familiar with interest fees, and how you can lower your interest rate with the help of a simple phone call, you might not realize that your other credit card fees are negotiable as well (and some can be waived). Some of the other fees you might be subject to include:
Annual fee: An increasing number of credit card issuers are adding annual fees. This is a fee you pay each year, often when the issuer automatically adds it to your balance.
Late fee: If your payment is even one day late – or even an hour late in some cases – you can be charged a late fee. Remember that your late fee is based on the fact that your due date is when the payment is received, and not when you sent the payment.
Over the limit fee: When you exceed the limit on your credit card, you can experience a fee as the result.
Balance transfer fee: Often, when you transfer a balance, you will be charged a fee, often between 3% and 5% of the total amount transferred. The larger your balance, the bigger your fee.
Foreign transaction fee: When you make transactions in another country, you can be charged a fee. Some credit cards also charge currency conversion fees when you make purchases in another currency.
All of these fees are negotiable if you are willing to pick up the phone and make a call.
Ask to Have Your Fee Waived
Believe it or not, it’s often possible to have a credit card fee waived just for asking. However, it helps to be a customer in good standing. Before you call, prepare yourself by rehearsing the fact that you are a loyal customer who normally makes on-time payments. Look up the appropriate customer service number as well, to ensure that you are speaking with someone who is more likely to be able to help you.
Depending on the fee, you might be able to take care of the situation in a matter of minutes. Most late fees and over the limit fees can be waived quickly, especially if you are a good customer who generally doesn’t have problems. Other fees, like balance transfer fees and annual fees, may require more negotiation. However, it doesn’t hurt to call and ask for a fee reversal.
Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site www.BankruptcyforTampa.com or call 727-254-1704.