Save on your credit card

With all the credit card companies and banks trying to get your business, what kind of leverage do you have in getting a discount on your credit card, or bank fees?

Often you will see phone and internet companies bundling their plans together and give a discount off fees. This is true for banks and financial institutions. If you have more then one product with a bank such as a credit card, savings account, mortgage or other type of financial product, you might be eligible for a bundle or “relationship discount”.

So how do you go about getting a bundle discount? Banks generally don’t promote bundle discounts, however simply call your bank and explain all the services you currently use, explain the amount of fees you currently pay per year and inform them of how long you have been with the company. You might not get the answer your looking for straight away so be sure to keep trying until you get what you want.

What if the bank won’t budge on the current fee arrangement? Double check that your current bank does provide the lowest market price, if they don’t be pre paid to move banks. This will take sometime but in the long run you could save thousands.

What if you only have one bank product such as a credit card and you think you should be paying less? If you spend over $10,000 per year on your card then you might be eligible for an annual fee waiver. Customers who spend a large amount on credit cards are always enticed to stay with their current bank. So calling and asking your bank for an annual fee waiver on your credit card could save you hundreds of dollars a year.

Remember asking cant hurt, banks need customers and you never know how much you could be saving.