Negotiating Fees

by Minority Fortune

phonecallCompanies love passing along extra fees to their customers. Who’s the king of doing crap like that? Banks, credit card companies, and cell phone companies are! If we spot a frivolous charge on our bills, like a cell installation fee or increased credit card rate, we’re on that phone! Either they want business or they don’t. We insist on not forking over unnecessary fees to companies, and you should too.

How to do it?

Ramit, author and owner of, insists that being polite and friendly on the phone with directness is key. He also notes that with a customer-acquisition cost of over $350, banks want to keep you as their customer. The power is in your hands.

Never be rude. Who wants to help out an angry person, anyway? If the person on the phone is giving you shade, simply insist on speaking to their supervisor. If you’re still not satisfied, hang up and get another rep. You’re bound to succeed with persistence.

Why does this matter?

This gets you in a good habit of not lying down and taking whatever major companies throw your way. You learn to keep your money for yourself. It may feel like a small win, but it’s a win to get these companies to retract their pointless fees.

Some cultures excel at negotiating fees, discounts, and bargains. We have heard first-hand from Indian and Chinese individuals, noting that they culturally reject paying excessive or frivolous fees for anything. And that’s not being cheap but being smart. It’s more money for their businesses, family, investments, and retirement.

Thus, it’s important to take that money away from companies and put it to work for ourselves.

*Image courtesy of Tom Merton.
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