Log in to your credit card account frequently to check your benefits and merchant-specific offers. This option may also be ideal if you have plans to finance a large purchase and don’t want to open a credit card with a 0% introductory APR.Ħ. “So if you’re paying your bills on time and you’re doing well but every now and then you like to keep a balance on your credit card, it’s worth calling them up and finding out if they negotiate.” “You always want to negotiate from a position of strength, if you can,” Fernandez says. Your creditworthiness factors into the interest rate, but an issuer may be willing to go lower.ĭelia Fernandez, a certified financial planner who owns Fernandez Financial Advisory LLC, a California-based firm, suggests searching for competing offers at a different bank or credit union and presenting them to your credit card issuer to get a lower interest rate. If your account is in good standing, try negotiating a lower annual percentage rate with your credit card issuer. Just don’t overdo it because some issuers have rules against abuse. You could buy a gift card to a grocery store, a restaurant delivery app or an often-frequented retailer. If your budgeted purchases aren’t enough to meet the bonus spending requirements within the designated time frame, consider using the credit card to buy gift cards you can use later. When chasing a credit card bonus, don’t overspend to earn it. “You have to figure out if it’s worth it, based on what they offer, for you to keep it,” Greenstein says.Ĥ. She estimates the offers added up to a minimum value of $700. Greenstein and her husband recently accepted two retention offers totaling about 70,000 points on credit cards with high annual fees. Offers may vary depending on the issuer, and there’s no guarantee you’ll get one, but it’s worth trying. As a loyal customer with a good track record, you might get a retention bonus that grants rewards in exchange for meeting a minimum spending requirement. When you’re on the fence about keeping a once-valuable credit card, ask the issuer whether it can offer any incentive to help you decide. “It usually makes them feel better to know that they don’t have to extend you more credit.” “Call a special reallocation line and say to them that you only want the card and the bonus,” the New York resident says. Qualifying for a new credit card with less risk to the issuer.Ĭindy Greenstein, a points and miles consultant and creator of the blog The Points Mom, has tapped this option to increase her likelihood of approval for a new card with the same issuer, but she says it doesn’t work with every bank. Preserving credit before an account closure. Avoiding maxing out a frequently used credit card. Reasons why you might explore this option include: Some issuers allow you to reallocate a credit limit from one credit card to another within their product portfolio.

Business & Finance Click to expand menu.įor rewards credit cards, ask whether existing points, miles or cash back will be affected before making the switch.

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