Here is a follow-up, of sorts, to an earlier post about the arbitrary and substantial power that random customer service agents have to appease complaining customers.
It goes like this.
Call your credit card company to cancel your card and watch them dance. I did that tonight, calling CIBC to cancel a card I don’t use anymore. Buddy asked why. I said I don’t want to do business with banks anymore. Maybe he thought I prefered under my mattress, but I’m such a credit union guy, but I didn’t elaborate. As if he actually cared.
He asked if I would reconsider. I said no. He offered me a $50 credit, on the spot. So I said yes, I’ll keep the card. Which I never use. And that has no annual fee. And that never had a balance carry over.
After I spend the $50, I’ll call to cancel the card again. I wonder how many times I can do this before they just say fine, go.
I remember a few months ago word going around that if you phone up your friendly neighbourhood [ok, global corporation] credit card usurer and ask to have your interest rate dropped from 19% or 24% or whatever to 11% that they’d almost certainly do it, or almost meet the rate you ask for.
Maybe it’s the global recession, but I’ve NEVER been offered free money to not cancel a credit card.
So that was the easiest $1500/hour I’ve ever earned. Give it a try.