While my Motto is: I refuse to participate in this Recession; I am cutting back on some things. I thought it would be a good idea to do regular posts about how to save $$$. Every dollar helps; especially for families struggling to pay their mortgage and buy groceries.
Save on your Credit Cards:
Credit Card Companies LOVE to charge the consumer for everything. One day late on a payment, monthly interest charges and those "Annual Fees". Well I simply refuse to give them a cent.
Now I pay my bills on time. I am a good customer of the credit card companies - except that well - I never carry balance. They HATE THAT! But they do make money from the Store or Merchant with every charge I make. I charge EVERYTHING! Why? Miles ! Points ! Cash Back Bonus ! I love the "perks". As long as you don't carry a balance - its not a bad deal. Plus I have an easy statement every month which sooo helps me at Tax Time!
About a year ago, I received an offer for a crazy amount of FREE Frequent Flyer Miles from a Major Air Carrier/Major Credit Card Company. In the fine print it read, "$50 Annual Fee waived for the 1st year". Yes, but I could still use it for a year for free and get all those miles! I have trips to take after all!
So a year passes and I start looking for this "Fee" to show up. Sure enough - there it was. $50 Annual Fee. So I do what anyone with smarts does. I called the credit card company and explained that I had "No use for a card with an annual fee!". The lady apologized and said she would transfer me to the Closing Department.
Well here is a clue - the closing department isn't just about closing accounts - its about saving them. The man on the phone pulled my account and asked; why do you wish to close it? I explained I was not about to pay an Annual Fee. I had other credit cards with no fees.
He quickly apologized and said he could easily switch me to a different "no fee" card. Same miles - same perks - no fee. Same account number - just a "different" card and type of account.
Done Deal. He of course also removed the $50 fee from my account with his apologies and that was that.
Lets say you have a Credit Card with a balance and a high interest rate. While you "could" open a new account with a (limited time) zero percent interest rate. You don't really want ANOTHER credit card do you? No.
Call your credit card company and tell them you have an offer from another bank for a lower interest rate. Ask them to lower your rate or you will leave. If you are a good customer with a decent credit rating - Shazam! Done. I once did this on a card I didn't even have a balance on. It was lowered from 12.9% to 6.5%
How do you get this deal? ASK!
Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA