How to Ask for a Discount (and actually get it!)
Over the last couple of years, the cost of living has soared, impacting everything from groceries to utilities. Many of us find ourselves grappling with higher bills and tighter budgets. One effective way to combat this financial strain is by negotiating discounts on the services we use every day. Whether it's your credit card interest rate, cell phone bill, TV/cable subscription, or even internet service, picking up the phone and asking for a better deal can lead to significant savings.
On a recent call with my friend Angie, she shared that the interest rate on her credit card was a staggering 19.99%. Despite making more than the minimum payment each month, Angie was really struggling to make a dent in her debt.
We decided to take action and call her credit card company to request a lower interest rate.
The phone call revealed several strategies that can help you successfully negotiate a lower rate.
Based on the call that I had with my friend Angie, here’s a detailed guide/script that you can use to help you connect with your supplier with confidence.
Step-by-Step Script for Asking for a Discount
You: Good afternoon, my name is [Your Name], and I’ve been a [Card Issuer/Service Provider] customer for [Number] years. My account number/credit card number is [Account Number].
I feel that I have been a good customer and would like to continue doing business with you. However, the [interest rate/bill] on my account seems high, and I’d like to discuss lowering it. Can you help me with this?
Customer Service Representative (CSR): Let me take a look at your account. (You may hear some clicking as they check your details) Unfortunately, I am not able to provide you with a discount because you have a significant amount of debt with us.
You: Yes, I understand that I hold debt, but I am looking for some help in getting this down. Could you please transfer me to a supervisor or the loyalty department? I need someone from your company to work with me to help me.
CSR: Just a moment.
Manager: Hello, [Your Name], my name is Pascale. I understand that you are looking for a reduction in your [interest rate/bill], correct?
You: Yes, hi Pascale. I’m interested in discussing the possibility of lowering my [interest rate/bill] on this account.
Manager: Okay, can you please tell me what you are looking for?
You: Pascale, I’ve been a loyal [Card/Service] member and believe my [rate/bill] should be lower. (Here, explain why you’re a good customer and how your situation may have changed since you first got the service.) Ideally, I’d like a rate closer to [your desired percentage/amount].
From here, the conversation can take several directions. If they agree to your request:
You: Thank you! Could you please send me written confirmation of this change? When will the new [rate/bill] take effect?
Manager: The new [rate/bill] will be effective immediately. I’m updating your account now.
You: I appreciate your help, Pascale. Thank you.
Manager: It’s our pleasure. We understand the current situation with COVID-19 has put pressure on our customers, and we aim to support our clients.
(My friend Angie was able to obtain an interest rate of 11.5% for 12 months. This will allow her to be nip the debt faster and nip this debt for once and for all.)
What to Say If Your Provider Refuses to Lower the Rate/Bill
If the manager cannot meet your request:
You: I had hoped we could reach an agreement, but if you really can’t give me a better [rate/bill], I’d like to close the account and finish paying off my balance.
Manager: Okay, I’ll make a note on your account.
You: I’d also like to receive written confirmation that my account has been closed. Could you email me at [Your Email Address]?
The Bottom Line
Living with high expenses is far from ideal, especially if you can only manage the minimum payment each month. The best way to avoid interest charges and high bills is by paying your full balance by the due date. However, if you find yourself overwhelmed by debt or high costs, picking up the phone with the provider and negotiating for a lower rate can be a solid first step towards financial relief.
By following these steps, you can potentially lower your credit card interest rate, cell phone bill, TV/cable subscription, or internet service, making it easier to manage your finances. Remember, persistence and preparation are key. Keep me posted on how you fare!