Expert explains ways to flex your consumer power
InvestigateTV - You’ve heard of a consumer’s buying power, but the power to negotiate, even after the sale, is also at your fingertips.
Sometimes, picking up the phone and taking the time to call a company will get you the savings you are looking for. You can use your power to call up a credit card company and negotiate to see if they’ll raise your credit limit or lower your interest rate.
“…Or even provide other benefits, like a retention bonus. If you’re thinking of cancelling your card, maybe they’ll give you some bonus points to keep you loyal and those bonus points translate to real money,” said Sara Rathner, a personal finance expert at Nerdwallet.
You could call up your cable or internet company and renegotiate a bill or shop around and sign up elsewhere.
Rathner said most people don’t realize you can ask to renegotiate a bill or contract with a credit card or even a service provider.
“Sometimes, it’s as simple as asking because the answer might be no, but what if the answer’s yes?” Rathner explained.
Maybe you use your power to ask for a raise at work and explain why you deserve a higher salary. These are all moves that take a little bit of effort and time, but they can pay off big time.
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