Making the Credit Cards Work for You
October 13, 2005
It wasn’t long ago I was just settling for a particular card. The interest rate wasn’t bad and it had no annual fee, so what more could I want, right?
Well, I kinda wanted a rewards program, and an increased spending limit…and maybe even a lower interest rate. However, I would never just ask for those sorts of things. I’m a little timid about being too greedy, and besides, I don’t really deserve a great credit card yet; I’m just out of college. That’s incorrect.
Credit Card companies that are worth their salt want to keep their customers for an extended period of time. They will make the cards that you have much more appealing if that will keep you with their company.
I found out that it is actually very tough to cancel a credit card because the companies will fight tooth and nail to get you satisfied with the card that you have by morphing the card: changing the interest rate, rasing the spending limit, adding a rewards program, etc.. They will give you what you want (within reason) to keep you happy. So next time you are looking for a better credit card, don’t apply for a new one. Let the company that you are with give your current card a face lift.
Ask to cancel your card. They will usually say, “I’m sorry that you’ve chosen to cancel your card, may I ask why you want to cancel it?” Tell them why you’re not happy with your current card, and they will do what they can to remedy the problem. If you have good credit and you’ve been with the company for a while, they will be more apt to give you a nicer deal.
