3 Credit Card Terms You Can Negotiate

Whenever you get a new credit card, you receive a nice-sized packet of credit card terms and conditions that go with that card. While most of these terms and conditions are set in stone – which is why it’s so important to read and understand them, there are a few credit card terms that could be negotiated. Of course, your credit card company isn’t going to bring this to your attention. Check out the 3 credit card terms that can be negotiated in your favor.

#1 Payment Due Date

Unlike utilities and some general household bills, credit card due dates can be changed. A due date is typically decided for you when you get your new credit card, but you have the option of changing the due date to something that better suits your situation. If you get paid on certain days of the month, it may be wise to change your due date in line with pay dates.

When you call your credit card company to request a payment date change, be sure to have a set day (or timeframe) in mind for them. Late payments are costly and can hurt your credit score, so take advantage of changing your payment due date.

#2 Late Fees

If you’ve had a consistent history of making payments on time, but one slips through the cracks, your credit card company may waive the late fee for you. Now, this doesn’t give you permission to always make a payment late, but it can help if you truly missed something. Most companies have a system limit to how many late fees can be waived. It could be 1 or it could be 3. Regardless, make it a point to always pay on time.

#3 Credit Limit

Sometimes your credit limit can be negotiated, other times it can’t be. Raising your credit limit increases your available balance which can raise your credit scores because it improves your credit utilization rate. So even if you don’t plan to use the increased credit limit, it’s worth it to ask. Be cautious though, a credit limit increase could result in a credit report pull and inquiry. If you’ve missed a few other payments or have high credit balances, wait until things have cooled down before requesting a credit limit increase.

Related: Build Good Credit in 6 Simple Steps

Interest rates can also be negotiated, depending on the company and how your payment history has been with them. It takes a lot of consistency and good payment history before negotiating your interest rate. Have you ever attempted to change your credit card terms? What was your experience like? Post a comment below to share!

The CGS Team



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