How to Get a Credit Card Company to Stop the Finances Charges

Credit card companies may stop the finance charges to retain your business.

Credit card companies make much of their money from assessing finance charges on unpaid balances. Even if you pay your card in full every month, you may slip up and inadvertently make a payment after the due date. This will result in finance charges, and possibly late fees, added to your account. You can ask the credit card company to stop the finance charges, and if you have a good record it may agree to do so.

Instructions

1. Call the customer service number listed on the back of your credit card, and select the option to speak with a live agent. You may have to wade through several menus to get someone on the line, but you must speak to a live person in order to stop finance charges.

2. Explain the situation to the agent, and ask if he is willing the stop the finance charges that were placed on your account as a result of the inadvertent late payment. You can also ask if he will stop the late payment fee. Mention your good payment history and ask him to stop the charges as a gesture of good will and customer service.

3. If the agent refuses to stop the finance charges, ask to speak to her supervisor or to someone who has the power to do so. Sometimes an agent will say no to your request because she does not have the proper authority to carry it out.

4. If the supervisor will not stop the finance charges, send a letter to the credit card company's customer service department asking it to do so. Spell out the same reasons you cited in your phone call, emphasizing your good payment record and that fact that you are a good customer.

5. If your attempts at getting the credit card company to stop the finance charges are unsuccessful, watch for other credit card offers. If you get one that matches your current card, call customer service and ask the company once again to stop the finance charges. Let the company know that you have a counteroffer and are willing to close the account and switch to another credit card company if it refuses. Many companies will stop the finance charges in order to keep your business.

References

• Stopping Finance Charges