Credit Card Interest Rate Negotiation and Delayed Gratification

Two of our cash-strapped credit cards have arbitrarily jacked up our interest rates, regardless of the fact that we’ve been paying way more than the minimum, and on time. I called both companies and expressed (as calmly, politely and professionally as I could) that it is unfair to make the consumer pay for their money mismanagement while the CEOs make out like bandits. The CSR of one company offered me 0% balance transfer for one year with the understanding that there will be a 3%-soon-to-go-to-4% balance transfer fee. The other company dropped our interest rate to 3.99% fixed throughout the summer. I have marked my calendar to pay off the charges by the end of the summer. I must admit that I was surprised that they were even willing to negotiate with me given the current state of the economy and how financial institutions are begging Congress for money.

The interesting observation here is that both companies pushed hard to get me to cite a specific amount so that they could immediately deposit the money into our bank account. Of course, I know they want their 3% right now, but I am no stranger to delayed gratification; and since we don’t know the precise cost of the merchandise we’re shopping for (in this case, furniture), I repeatedly declined. . .what if there is a delivery fee? What if we throw in a couple of lamps? We don’t want to ‘borrow’ any more or less than we have to, so we’ll wait until we settle on the furniture. At least we’ll have decent rates when we make our purchases.

Gift Cards

Notice the year 2008. Found an old receipt where I had purchased a suit and accessories on sale at Macy*s for a Financial Literacy Seminar (it’s written at the top of the receipt). I apparently applied a $100 gift card toward the purchase. Items totaled $194.78 less 20% off down the line less $100. My receipt shows I paid $55.82 plus tax. Saved $138.96. Nice.

Store specials

My local UPS Store is offering a special of 1,000 B&W (black and white) pre-paid copies for only 2 cents per page! I happily plunked down $20.

Clearances

Purchased lined index cards on sale/clearance for $1.25. They are regularly priced at $3.49. Saved $1.24

Coupons and TV infomercials

Saw an item on a television infomerical that proclaimed “You can only purchase our item here and no where else!” I found it on Amazon but before ordering, I found it on the shelf in Bed Bath & Beyond. 2 packs were priced at $9.99 each, but armed with my $5 coupon, I paid $15.

Restaurant Coupons

James and I dined at a local noodle restaurant and paid $22.39. Tack on $5, and that’s what we should have paid—$27.39.

Negotiating coupon expiration dates in this economy

It costs $150 per pop to replace an ink cartridge in my Color Laser Jet printer. Naturally, I called the two local office supply stores in my area to see who has the better price. Store #1 did not have the cartridge when I needed it and therefore, I could not use the generous $30 coupon, so I bought it at Store #2. Then, two more cartridges ran out of ink! Store #1 had the cartridges at a slightly lower price, but my coupon had expired. I called the Manager and explained the situation. He was more than happy to honor the $30 flat discount. It’s prevalent on the news and Internet right now that merchants are willing to negotiate with the consumer in this economy. My total purchase came to $298.21, almost $300! But with the $30 off, I paid close to $270. Any little bit helps. Since this puts Store #1 in a positive light, the name of the store was Office Max.