Credit Card Companies are Competing for Your Business

Credit Card Companies

Credit Card Companies are Competing for Your Business

Have you ever stopped to think about just how many credit card offers are available? How about how many issuers there are? What does this mean to you?

As a credit card holder, it’s important to realize that credit card companies are competing for your business.

There are many ways you can use this to your advantage, including the following:

1. Better Perks

Maybe you have a travel or cash back credit card. And maybe you’ve come to find that it’s not nearly as robust as those offered by other credit card companies.

Rather than cancel your account and make a move, contact your current issuer to see if they’re able to help.

Tell them that their perks aren’t up to par and that you’re thinking about applying for a new credit card as a result.

There’s no guarantee this will yield a positive response, but don’t be surprised if the customer service agent is able to do something to make you happy.

2. Waived Fees

A credit card fee is frustrating. This holds true even if you knew it was coming, such as with an annual fee.

With so much competition, your credit card company doesn’t want to lose you over a fee. And for that reason, calling and asking for it to be removed may be all it takes to save money.

For example, if you have a strong account history and recently got slapped with a late payment fee, contact your issuer and ask if there’s anything they can do. If the answer is no, tell them that you’re disappointed and are considering canceling your account.

Fees have a way of adding up over the course of a year. Fight back against these as often as you can.

3. Higher Spending Limit

If another issuer has offered you a higher spending limit, share this information with your current credit card company.

For example, if you currently have a $10k limit but you’ve been pre-approved for $20k with a competing company, let it be known. Also, let your issuer know that you need a higher limit to keep up with your spending.

As long as you have a strong account history to back it up, this is often enough for your company to give you what you’re looking for.

Final Thoughts

Credit card companies know how difficult it is to secure new customers. And that’s why they will do whatever it takes, within reason, to retain your business.

If you’re unhappy with your current credit card, seeking better terms, or simply looking to save a few dollars, contact your issuer to see what they can do for you. Industry competition may be pressure enough for them to meet your demands.

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