Winning Financially in 2025: Getting a Deal with Your Credit Card
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I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab.
Hey, it's Morgan, the executive producer of the show. And as you know, this week, we are re-releasing episodes of Money Rehab that will make the biggest impact for your financial resolutions for 2025. Today's is a sneaky one. It is the three things that you absolutely should be negotiating with your credit card. And you might be thinking, is this just about credit card debt? The answer is no. These tips will help you regardless of whether or not you're in credit card debt. Even if you have a perfect credit score, even if you love your credit card, these are three things that you absolutely should be negotiating. So listen up and start today.
Last week, I was on Good Morning America. I mean, actually, it could have been the week before. What is time anyway? Anyway, recently, I was on Good Morning America, and I had a lovely chat with the hosts there, DeMarco and Eva. I told them about the things we all need to be negotiating with our credit card companies. And there are three biggies, the annual fee, the APR, and late fees. I told them this, and I'll tell you this too. If you're not negotiating these three things, you're leaving money on the table, period, the end. But you don't need to go at it alone. I'm going to give you the script for these three conversations with your credit card company. Number one, annual fee. This is my new favorite thing to negotiate.
I did it and I recorded the whole conversation for Money Rehab. I linked that episode, if you haven't heard it yet, in the show notes. And I have to tell you that in the 100,000 years I've been covering money news, I have never personally called and done this myself. So recently I did it and spoiler alert, it worked. Oftentimes we sign up for cards when there are special offers on the annual fee. And then the next year when it hits your statement, you're like, what the heck? It feels like a shock. So here's what I want you to do. Call and ask for a retention credit. That is the magical word. Think about it this way. Put yourself in the credit card company's shoes. They spend upwards of $700 to acquire a new customer.
So they're most likely going to throw you a bone versus losing you as a customer because it was expensive to get you in the first place. Here's the cheat code. Say, I'm considering closing my card, or I'm not sure if I can pay the annual fee on my card. Each credit card company has a different process, but ask for the retention department because there might be a specific department dedicated to making sure customers don't leave. Once you get to that department, say, hi, I've noticed that the annual fee on my card just posted, and I'm not really sure I can justify paying it another year.
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