How to Get a Credit Card Company to Waive Finance Fees

A financing charge is simply any fee that you pay to a credit card company or business for the privilege of borrowing money and paying it back later. Finance charges can be quite steep, since credit cards with rates as high as 20 percent begin applying finance charges to your account from the day that you begin carrying a balance. Fortunately, if you are a good customer or if you are with a debt management plan, you can get the company to waive some of these finance charges.

Instructions

Waiving fees by yourself

1

Call your company and ask them to remove the charge. Do not give them the chance to say no easily; instead of saying "Can you please waive this fee?" say something like "I have this finance charge on my account that you can help me with today." Especially if you usually pay your bill in full and are a good customer, the representative will probably waive your fee immediately.

2

Make it clear that you are willing to work with the company. "It's fair to say in light of the economy more people are experiencing financial difficulty, so we're offering the payment programs more frequently," Lisa Gonzales, an American Express spokeswoman, said in an interview with The Washington Post. If you show that you are willing to make a good-faith effort to pay, the company may waive some of your finance charges.

3

Be persistent when you call the company. If you call and ask to have a fee waived or an interest rate reduced and are refused, you can ask to speak with someone else. You might eventually find someone who is willing to waive your finance charges or lower your interest rate in order to drop your finance charges.

4

Offer to close your account if the company will waive further finance charges or drop your interest rate significantly. Although you will lose the line of credit, you will owe a smaller monthly payment and most of that payment will go toward your principal, rather than finance charges. These deals are made on a case-by-case basis, but if you are already drowning in debt, you can certainly try to make this offer.

With a Debt Management Agency

5

Talk to a credit counselor at a reputable debt or credit counseling agency. Many agencies charge high fees or try other ways to trick you out of your money. Make sure your agency has in-person counseling and treats you well.

6

Set up a debt management plan with your credit counselor. Under this plan, you pay the credit counseling agency a certain amount of money per month, and they will use that money to start paying off your debt.

7

Ask your credit counselor to call your credit card company and ask them to waive some finance charges or lower your interest rate. Your credit counselor has more "pull" with the company because she is part of a reputable agency, and she may get your rate lowered or some fees waived to help you get out of debt faster.