Wealth-Coaching

When trying to close a credit card account, it can be difficult to get the ball rolling in the right direction.  In a recent attempt to close a very old and small credit card, a client shared this story.

"When I called the company I was placed in a massive listing of menus and could not get in touch with a live person.  I had recently paid the debt in full and was closing the account as part of my wealth building plan.

After over 20 minutes on hold and trying to find live body to speak with, I was told I could close my account just by making the request.

The representative on the phone was very polite and asked the reason why.  Upon exlaining to her that I had no plans to use the card and was not willing to pay a $69 annual fee she commented that she could offer some incentives if I could keep the account active.

First she said she would reimburse the annual fee for 2006 followed by a $100 credit line increase.  Now this was a good offer but it gets better.  As for the credit line increase she would be willing to let me have it for a mere processing fee of $40.

I almost dropped the phone!  I advised her that I would NOT pay $40 to owe them more money.  With that she said she could offer the increase without the fee.

After a 15 minute phone call, she responded that, ‘Closing your account will negatively impact your credit rating.’  Of course my reply was, ‘Not as much as owing you money.’

The account is now closed, but it was not easy.  Good luck to anyone else needing to cancel some of these sleezy cards."

When you are trying to build wealth and eliminate debt, it’s not going to be easy with all the great ‘offers’ that will come your way.

Stay the course and allow your wealth coach to be your guide.