One of the most overlooked ways of improving your personal finances is simply asking the companies you do your business with to improve your product with them. You would be surprised at how many banks would offer you a lower credit card rate if you just asked. A lot of banks are now offering incentives to customers in an attempt to convince them to bring more money (deposits) in. So, if you’re doing your primary business with a bank that you also have a credit card with, compare their rates to the other credit cards and credit card offers that you have. If you think there’s some room for improvement, make a quick call (or even an email) to your primary bank and ask them what they can do for you.
I recently did this with my primary bank and I was able to get a special offer. I have recently decided to move all my spending to my credit card, so my average monthly charges increased by a lot. I had a different credit card from a competing bank that was recently upgraded to a higher credit limit and lower APR, making it my best credit card option. I simply contacted my bank, told them about my other card and asked them what they could do for me. They quickly offered me a 12 month APR of 5.9%, making their card the most attractive. I only had to ask the simple question, and they were willing to come up with something rather than risk losing my business to a competitor.
When it comes to approaching the question with your bank, the only advice I’d really give is to be civil. There’s no need to be rude or overbearing, usually if they can do something for you they will. Calmly explain to them your situation, and if you have a better offer somewhere else then calmly let them know that as well. Don’t threaten to leave in some over the top tirade just to get your way. It’s unnecessary and if you really have a better offer elsewhere, it’s not worth your time. Go with what works best for your finances, just don’t be afraid to ask for better products because there’s a good chance you will be offered something that can improve your financial situation.
