Over the last few years the number of complaints about credit cards has mushroomed, with many customers querying why they are being treat differently from new customers who receive better rates.  While this is a fair point, the financial companies argue that they need an incentive to attract new customers, and that existing customers would probably have received a special short term rate when they joined up.  Fair point, but……

More and more credit card companies are offering 0% balance transfers for the life of the balance, something which is obviously not a short term incentive.  Many are now arguing that their interest payments and charges are being used to fund these offers to potential customers and they are losing out.  So who is right?

It basically boils down to the fact that if you don’t ask you won’t get! If you call you Credit Card Company and express your displeasure at the treatment you are receiving compared to new customers, there is every chance they will offer you an incentive if you threaten to leave.  Why would they risk losing you when they would need to advertise to replace you (at additional cost to themselves)? Why would they want to bring in low profit customers, and not be willing to meet their existing customers half way?

If you call your credit card company and query the rates available to new and old customers they will try to blind you with science, but if you threaten to leave they will soon wise up and speak to you in a language you can understand – pounds and pence! It won’t be easy, but don’t give up and ensure that you at least get something off them – no matter how small – or move!