What To Do When You’ve Had Enough of Lenders Comments2 Comments

Hey everyone, thanks for swinging by! Today, I’d like to touch on a subject that I know affects tons of people. It’s credit cards. Now, I’m not talking about credit card debt, I’m talking about when you’ve HAD IT UP TO HERE with a lender. The truth is, most lenders are great to work with.

They offer competitive rates, great rewards, an exceptional customer service. However, some lenders will be missing out on something in that equation. So, today we’re going to talk about why you might be upset with your lender and what you should do.

Had It Up To Here With Interest Rates

Most people who have a bone to pick with their lenders are upset about interest rates. I can’t tell you how many people I’ve talked to that are happy with rewards, customer service, and more. However, they hate their interest rates. They’ve had their cards for years, and as their credit scores went up, their interest rate never went down.

What To Do

Although you might think your lender isn’t willing to work with you, you might also be surprised at what they’re willing to do to keep your business. All you have to do to find out if they’re willing to compete for you is to make a simple phone call. Let them know how you feel about your rates and that you have other options. Then ask if they are willing to reduce your rate to keep your business. More than half of the time, the answer will be yes! If the answer’s no, there is another option, but we’ll talk about that later in this article.

Had It Up To Here With Rewards

Another thing that really gets on some people’s nerves is the fact that they have a rewards credit card, but never seem to earn rewards. There may be caps on amounts per year, or lack of ability to redeem your points easily. The reality is, rewards programs are great, but only when they work!

What To Do

This is another reason to give your lender a call. In this case, they generally won’t tweek the rewards program that you’re on, but many of them will offer what’s called a product trade. That means that they will transfer your balance from one of their rewards products to another, with better rewards. However, when doing this, make sure that you look at the terms of the new card. You’re not just trading rewards programs, you’ll be trading entire terms, interest rates, fees and more! If you don’t like what your lender offers you, or they don’t offer anything, there is another option. It’s the same option that will help with lenders that aren’t willing to negotiate rates, and it will help with the last issue. So, we’ll talk about that soon, I promise.

Had It Up To Here With Customer Service

Although most lenders know that good customer service means more customers over time, some lenders really lack in their ability to take care of their customers. This can be one of the most frustrating things you’ll have to deal with, and can lead to a host of new issues.

What To Do

Unfortunately, a phone call isn’t going to be enough to fix company wide poor customer service. Poor service can lead to interest rate issues, reward issues, fee issues, and more. So, it’s not even worth giving your lender another shot in these situations. Your best bet is the option that will work for lenders that don’t want to negotiate interest, or trade rewards cards. It’s the option that you have when you’re just done! You don’t want to work with your lender anymore!

That Option Is Balance Transfer Credit Cards

Balance transfer credit cards are offers that give you the ability to pay off other cards using a completely new offer. Often times, they offer competitive promotional and long term interest rates, as well as great rewards! All you have to do is compare your options and choose the one that works best for you.

Reader Question

Have you ever run into any of these issues with your credit card lender? If so, what did you do?

Author Bio: This article was written by Joshua Rodriguez, proud owner and founder of http://CNAFinance.com and avid personal finance journalist. Also to learn where he writes or to hire him for writing, check out http://www.JRodWrites.com.

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By : Josh Rodriguez | 3 Feb 2014
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2 thoughts on “What To Do When You’ve Had Enough of Lenders

  1. Michelle @fitisthenewpoor

    My gripes list are the 1.) customer service with US Bank cards and 2.) the interest rate on my Capital One card.

    I plan on dealing with the second one by calling soon and asking for them to lower my rate since I’ve had this card for 9 years. The other one is getting phased out as soon as I find a replacement card for it. I do not give my money to a company that hangs up on its customers mid question.

    Reply
  2. Jrod @ CNAFinance.com

    Hey Michelle, US Bank customer service really does suck. Also, good luck on the negotiation with Capital One, they always seem to be in what they call an “interest rate freeze” which is another way of denying the request kindly. Based on what you’re telling me, balance transfers may be your best idea. But, I’d love an update, please let me know how everything goes.

    Reply

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