What to do if you miss a credit card payment


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What to do if you miss a credit card payment

  1. 1. “A unique voice on money, i w r d an do i l l ail d i wn fo ds, one singularly attuned to…his generation.” t e y t nt loa a c ac er I WIll h y tic act Vis u t o l tip e sp —San FranciSco chronicle o a iv it b e r s, b re i c on ads h . us h co m ee ts TEAch You by RAmIT SEThI founder and writer of iwillteachyoutoberich.com ToBE No Guilt. No Excuses. No B.S. Just a 6-Week Program That Works
  2. 2. I Will Teach You to Be Rich what to do if You miss a payment n obody’s perfect. Despite my warnings, I understand that accidents happen and you might miss a payment at some point. When this happens, I use my Indian heritage to beat the companies by negotiating with them, and you can, too: YOu: Hi, I noticed I missed a payment, and I wanted to confirm that this won’t affect my credit score. Credit Card rep: Let me check on that. No, the late fee will be applied, but it won’t affect your credit score. (Note: If you pay within a few days of your missed bill, it usually won’t be reported to the credit agencies. Call them to be sure.) YOu: Thank you! I’m really happy to hear that. Now, about that fee . . . I understand I was late, but I’d like to have it waived. Credit Card rep: Why? YOu: It was a mistake and it won’t happen again, so I’d like to have the fee removed. (Note: Always end your sentence with strength. Don’t say, “Can you remove this?” Say, “I’d like to have this removed.”) At this point, you have a better-than-50-percent chance of getting the fee credited to your account. But just in case you get an especially tough rep, here’s what to say. Credit Card rep: I’m very sorry, but we can’t refund that fee. I can try to get you our latest blah blah marketing pitch blah blah. . . . YOu: I’m sorry, but I’ve been a customer for four years and I’d hate for this one fee to drive me away from your service. What can you do to remove the late fee? Credit Card rep: Hmm . . . Let me check on that. . . .Yes, I was able to remove the fee this time. It’s been credited to your account. You don’t believe me that it can be so simple? It is. Anyone can do it. 24
  3. 3. Get the full book at Amazon.com About the book At last, for a generation that's materially ambitious yet financially clueless comes I Will Teach You To Be Rich, Ramit Sethi's 6-week personal finance program for 20-to-35-year-olds. A completely practical approach based around the four pillars of personal finance—banking, saving, budgeting, and investing—and the wealth-building ideas of personal entrepreneurship.