Things You Can Request From Your Credit Card Issuer

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Things You Can Request From Your Credit Card
Issuer

• BY www.newhorizon.org

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• 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
  cant seem to pay off your unsecured credit card
  debt.

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• 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.

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• Here are some of the things you can request from
  your credit card issuer.

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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.

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Lower your interest rate

• 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.
• 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 more.

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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.

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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.

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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.

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Being placed on the hardship plan

• 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.
• For instance, there are assistance programs for
  cards holders going through a financial struggle.