Advice on how to negotiate new deal

pardal51

Hi all,

As described in other thread, my application to several CC companies have been refused. I'll have to wait a while before start applying again. In the mean time I would like to get some help on how I can "negotiate" with my current provider and get for instance another 0% BT or purchase?

Basically I've got a Lloyds Plat Visa for a couple of years and want to get something back from them.

I would appreciate if anyone could help with any sort of strategy, technique, etc to get another deal from them.

Help and comments are very much appreciated.

Cheers!!!

Walletwatch

Problem here is that should you try to negotiate for an extension or a fresh 0% deal, and if they were to agree to offer you one, this might still require a credit check to reassess the offer, in which case (a) you may not stand a very good chance after a string of rejections and (b) it adds to the number of credit checks undergone to further downgrade you on your credit history front.

I would personally advocate patience in your case, and not look for a card from a new provider or a new deal from your existing one.

Suzz_2

I have had a Goldfish card for quite a few years.  I rang them & said I wanted to cancel.  I mentioned the following:

"I've got some other cards and, every so often, they offer me a deal.  Say 0% for 6months.  I've been with XXXXX for yy years and you have never had anything like that....."

They promptly put me through to "Custmer retention" who said...  if we offered you 0% on BTs for 6 months, would you consider keeping the card...? - they said this straight away - no credit check, as far as I know

Um.... OK then.  Then £7k -> Egg -> Cahoot Savings...  Thank you very much.

Worth a try maybe.  If they don't make you an offer of 0%, you could always ask for a lower rate.  They'll say something, even if they just claim their rate is good and you can say you'll think about it....  Hope this helps

Tim_L

The trick is not to try too hard to negociate - let them do the work. Just pay off your balance, wait a couple of weeks, and call them to cancel the card. When asked why you want to cancel explain that there are many other low interest deals about: at this point they will usually explain that "although we probably can't give you another 0% deal we may be able to offer you something".

They will then pass you through to someone in customer retention who will have a range of options starting with a reduced interest rate - say 5.9%, and working through to the 0% deal. You can short circuit the process by again explaining that only 0% rates are of interest because there are so many about from other companies. Always ask whether there is a fee for any transfer (asking the question may fluster them into waiving it, but in any case you need to know what it is) and do remember that there are indeed many other card companies offering 0% around, so you don't have to take the offer. On the other hand, the department will have targets for customer retention, so they will be trying relatively hard to keep you. It's really a classic no lose situation.

However, always be polite and friendly - if there is any discretion available then acting the hard nosed negociator is not going to get it for you - amiability is always a much better tactic than pointing out that you have them over a barrel.

I always note down the exact time of the call, and the name of whomever I was talking to if I have it. This offers some theoretical protection if they screw up the offer, but in practice this has never happened to me.

Some companies - Lloyds TSB being one notable example - will call you up to offer a new deal if you pay off a largeish amount withing a couple of months of the end of the deal.

As far as I am aware extensions do not trigger a new credit check unless you request a new credit limit.

Martinslovechild

Good advice Tim.

johnllew

It can depend on whether you're a customer they wish to keep! I rang Lloyds TSB asking what the procedure was to cancel and if they had a decent BT offer. There was nothing, I didn't cancel and two weeks later I got a call from their retentions dept offering 0% for 6 months and no fee.

My wife did the same 6 weeks ago and is still waiting for a call.