Wednesday, June 23, 2010

It worked, it really worked!!!

I was watching part of Oprah's debt diet today and David Bach was talking about playing "The Credit Card Game". Never played... neither had I until today. The Credit Card game is simple. Your goal is to try to get the credit card companies to reduce your interest rate or any other fees such as an annual fee or service fee, etc. They try to deter you or tell you it can't be done but you have to threaten to close out the account or ask to speak to a supervisor. It may take a few phone calls and a lot of talking but if you are persistent you can win the Credit Card Game.

Here is how I won:

I have one credit card from about 6 years ago that has an annual fee. This is the first card I got after I jacked up my credit in college and was just happy to have a credit card, I didn't care what the fee was.

The fee is $48 and I just did not want to pay it so I called the company up to begin round 1 of the Credit Card game.

First I talked to Steve. I told Steve that I have been a member for 6 years, never paid late and would would like to have the annual fee removed from this year. Steve had the nerve to tell me that I would have to pay the fee because there was nothing they could do to remove the fee. He then proceeded to say that the annual fee is in the contract and they can't just remove the fee. He said, " if we remove the fee for you then we have to remove the fee for everyone, and we can't just do that".

I then said, "Steve can I speak to your supervisor?"

Steve said, " Sure but there is really nothing that she can do. We are not allowed to remove the fee.

I said "Okay, I would still like to speak to him or her."

After being on hold for about two minutes, Pam ( the supervisor) came on the line and that is when I pulled out the big guns. I started off sweetly with the usual formalities such as "Pam how are you, good I'm great, thanks"

but then... I said the magic words: Pam I have been a member for 6 years and have always paid on time, this is my only card with an annual fee and I considering closing it out because of the annual fee.

Pam said, "Okay, hold on let me look a little deeper into the account." Then she said, " listen I can not totally take away the away the $48 fee but I can reduce it to $8.00.

A discount of $40......... I'll take it!

I thanked Pam for her time, and hung up the phone.

And that, Ladies and Gentlemen, is how I won my first time playing the Credit Card game. I'm sure I could have gone further and tried to get a credit for the $8.00 but I didn't want to be greedy. It was pretty easy too.

Have you ever played The Credit Card Game? If so, how did you fare? Did you meet a liar like Steve? If you haven't played take some time and play, you never know what you will win!!!



Frugalista said...

Sweet!!! That is cool. The only thing I've ever done is had a late fee removed here and there which they will normally do if it's your 1st.

EclecticSoul said...

I've played the game before and have gotten my interest rate lowered several times! They're never too happy about it considering that they don't make any money off of me anyway. I pay the balance in full whenever I use it. Congrats on your first victory!!!

B.C. said...

Thats great!!! I don't think it will work for me though being that I have a overlimit balance right now. However I do have a question:

I am starting law school in the fall (YEAH!!) and when I get my student loan check I am wondering if I should do the following concerning my cc:

1. Pay off the entire amount ($600)
2. Pay the over limit amount & set up 6 automatic payments so that I can establish a good payment history.

Which one do you suggest?