If you’ve ever seen a late fee or different penalty on your statement, then you know how frustrating it is to pay for a simple mistake. Communicating with your credit card issuer can sometimes help to reduce penalty fees.
Why Contact a Credit Card Issuer
Contacting your creditors, specifically credit card companies, can improve your ability to manage credit card debt. By contacting the customer service department of your credit card issuer you can gain clarification of terms, get help with problems, or leverage your good standing to save money. Plus, there are specific benefits to getting in touch with your credit card company.
First, if you’ve received a penalty fee for missing a payment, you might be able to get the fee reversed. If you’re a responsible card holder, then the credit card company might be willing to waive a penalty for a first offense. This does require your account to be current and your payment history to be solid. Some creditors will waive a second or third offense if the borrower has never asked for this courtesy before.
Second, if you’re struggling to make payments or reduce credit card debt, your credit card issuer may be willing to reduce your interest rates. There is no guarantee that a creditor will agree to any adjustments to your credit card agreement terms. However, if you are experiencing financial hardship, some creditors will be willing to work with you. Calling them is an effective way to determine what kind of help they’re willing to provide.
How to Contact Your Card Issuer
There is a phone number for customer service on the back of each of your credit cards. When you call this number, be prepared with your account information so that you can identify yourself. Inform the representative as to why your calling. Then explain that you have been charged a fee, have or will make the payment, and would appreciate if it were reversed. Do not be rude or aggressive. If you’re calling to discuss options for help with credit card debt, explain the situation and ask what help they can provide. Again, remain calm and polite and listen carefully to the information provided.
Some creditors also allow you to “chat” with a customer service rep via an online customer service system. You can find these services on the company’s official website. This is helpful because you will be provided with a written transcript at the end of the conversation. Keep in mind that not all representatives are authorized to take action on your requests.
No matter how big or small your issue is, communication with a credit card issuer provides useful information and helps to find a solution.
To explore additional debt assistance options, call ACCC at 800-769-3571 to speak with a certified credit counselor today.