Articles written in August, 2009

2.    Delay a payment. “If you’re having difficulty paying, skip a month,” says Sara Petty, vice president of The Members Group payment consulting firm. Times are tough for everyone these days, and sometimes it can be difficult to even make the minimum monthly payment on your credit card if you’ve just incurred a big expense. If you know in advance that you’re not going to be able to cover a monthly bill, call your credit card provider and ask for permission to delay payment until the following month. Assuming that you’re a customer in good standing without a history of late payments, your provider is likely to waive your late fee and continue to report a “current” payment status to credit bureaus until the following month when you can make the full payment. While it’s never ideal to miss a payment, you can reduce your risk of hurting your credit rating by being honest and open with your provider.
3.    Waive your late fee. If you attempt to make an online payment that doesn’t go through, or you never receive an invoice from your credit card provider, you have a good excuse to request that the credit company remove the resulting late payment fee on your next statement. Simply call your provider and explain the circumstances, and the fee will likely be waived. Even if the error is your own fault, you may still be able to get the fee removed from your bill “if you’re a great consumer and haven’t missed a payment in a year or two,” says Clark—however, this request will probably only work once, so be careful about paying on time in the future.
4.    Negotiate a lower interest rate. This one is easy, says Clark: “Simply call in with another offer in your hand, and negotiate with them for a better rate.” Be polite, and tell your credit card company that you’ve enjoyed using their service, but you’ve found a better value option. Your credit card provider doesn’t want to lose your business, so you can leverage another provider’s offer to reduce your interest rate significantly, matching or even beating the competitor’s offer.