by Victoria Rose Perkins

Created on: February 02, 2009

How to obtain the best credit card offer? In a word, negotiation! Most folks do not realize that they can bargain with the giant credit card companies. Most of us just assume the majority of cards in (regards to late fees, interest rates and annual fees) that we have no say.

This simply is not true. Credit card companies, like every other company, are competing for your business! As the consumer, we have the power to pick and choose which cards serve our needs best.

Sadly, but not surprisingly, most card information is written in the "fine print". Here is where one can quickly fall into a vicious cycle of never being able to pay off the card completely. If you are offered a teasing interest rate of 0% interest for the first 6 months, you need to do the math to see if it is truly a deal for you.

Back to negotiation. Credit card offers come in the mail quite often. You, as the customer, have the right to ask to speak to a supervisor or management to discuss whether or not you wish to sign on for their credit card. You cannot do this with the first person who answers the phone.

After carefully going over the offers before you, make your call. Tell the supervisor you have other offers and from whom. Ask them if they can "do you better". If not, tell them you are not interested in their offer and will look for a better one! Supervisors have the authority to offer better rates.

With the economy on such shaky ground right now, the purchaser of the card has the upper hand. So take advantage of that and negotiate!

Things to ask for are, will they give you a "fixed rate" when it comes to interest, and are there any penalties for paying the card off at an earlier date. Will they reduce the amounts of interest owed if paid off in a lump sum. Be aware of late fee charges.

Make it your business to know "what is in the fine print". If you are not informed, you may be in for a few surprises that will not please you. Also, people need to know this! Maybe you saw the same TV program? The one where credit card companies actually prefer customers who are late on their payments so they can charge exhorbitant late fees and up the interest rates?

As for the folks who paid on time, faithfully, these were considerd "losers" and the reasons why are obvious. This TV expose interview came from former workers of credit card companies.

In conclusion, to be informed is to be empowered. Credit cards can be a good deal, especialy if you can pay the balances within the 30 day time frame. If you cannot, then make it your business to know what the terms and consequences are. If you don't, you will be in for an unpleasant experience.

My personal example: For 13 years I had a credit card and paid faithfully every month. The interest rate was around 9%. Due to a death in the family, I missed a payment. The following month I made the two payments, plus penalty for late charges. The following month my credit card interest rate jumped to 23% interest rate.

When I called to ask how long I would be charged the 23% rate, I learned it was for the "life of the entire balance!" It did not matter that I paid every month for 13 solid years. So please make it your "business" to be informed before you sign on for any and all credit cards.

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