Fees. Oh, how I hate that word. I don’t like the thought of our hard-earned money going towards something that could have been avoided. With the recent economy, you may have noticed that credit card interest rates and late fees have skyrocketed. So not only are you paying for something that could have been avoided, but you are paying double or triple the amount in this economy, and that can quickly burn a hole in anyone’s wallet.
Money that goes toward fees could be put to other uses such as growing in an interest account or entertaining me with dinner and a movie after a long work week. So when I have to pay fees, I’m not a very happy camper. For the most part, my husband and I are good on payments so we pay very little in fees or none at all throughout the year. However, for that the small percentage of our income going into fees, there are simple ways to avoid them.
1. Ask the creditors to waive it.
Sounds simple enough, right? Well, it is. Never be embarrassed to ask for your fees to be waived. Creditors are quick to take your money so you must be proactive to keep your money. Being proactive can be simply asking. I have never paid a credit card fee that I didn’t ask to be waived. 99% of the time, the customer rep always waive our fee as a courtesy for being a good customer. Keep in mind, they will rarely volunteer to waive your fees so you will need to ask. You might be lucky enough to speak to a nice customer representative who’s more than happy to waive your fee. Other times, you may not be so lucky. If it’s the latter, move onto step 2.
2. Hang up and call back another time.
In calling back at a later time or later day, you might end up with a rep who doesn’t have their undies in a wad. Then, ask again for your fee to be waived. I have done this a few times with my creditors and it worked wonders.
Day 1
Hi. I am calling to ask about the fee that was recently charged on my account. Can you please consider waiving it? I overlooked the due date, and unfortunately didn’t pay on time.
I’m sorry, but I do not have the authority to waive your late fee…blah blah blah…
Oh, ok. No problem. Thank you for trying. You have a nice day.
Day 2:
Hi. I am calling to ask about the fee that was recently charged on my account. Can you please consider waiving it? I overlooked the due date, and unfortunately didn’t pay on time.
Since you are usually good on your payments, sure, we will waive it.
Thank you (skipping joyfully to seize the rest of my day)
Keep in mind that there’s no black and white rule to waiving fees. There are always ways around it and the success of a fee waived is based on the person you are speaking to (unless of course you are always late on your payment but that’s your own fault and another story). Remember that customer reps do not have to do anything for you, so be nice, courteous, and ask the fee to be waived again. If that fails, move onto the step 3.
3. Ask if your account is entitled to certain number of waivers.
As much as I would like to list the last step is to throw a tantrum and threaten that you will close your account, I’ll try to keep it positive. If step 2 doesn’t work, hang up and call back another day. This time, take a different approach. Do not ask directly if your fees can be waived. Instead, ask if your account is entitled to a certain number of waivers. Depending on the terms and conditions of your account, you may be entitled to get your fees waived a certain number of times per year or a certain number of times per account. Ask your rep if this is the case and if so, tactically mentioned that you just had a late fee charged on your account and if this new found knowledge of your account can be applied.
To end this post, here’s a recent picture of my son and his cousin, Logi, enjoying the snow.
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