<$Tuesday, July 3, 2007$>
Financial Housecleaning
| Every few months or so, I try to remember to look over all of my statements with an eye toward "cleaning up" and doing away with any financial chaff--cancelling services we're no longer using or getting our money's worth from, negotiating lower fees and interest rates, etc. This past week has been one of those times. I haven't had a lot of success this round, but even so, here's what I tackled this time around: Credit cards - Both of my credit card companies have been bombarding me with checks and balance transfer offers. I plan to shred the checks, of course, but first I thought I'd see if they were willing to negotiate. First I called Discover. That account is currently 0% interest, so I have no reason to transfer it elsewhere, and it's the lowest priority on my list of debts to eliminate. We originally opened this account because it gives us a 5% rebate on every gasoline purchase, and intended to use it solely as a gas card. But then we got greedy with our honeymoon cruise excursion packages and ended up maxing out the small limit I requested when I opened the account. Now I make a payment large enough to cover our gas budget each month, and by the time we've bought all of our gasoline for the month it's usually maxed out again. So I called Discover and told them I would be thrilled to give them all of the money I'm currently giving to Citibank, if they would increase my credit line enough to accommodate the transfer. The custserv rep I spoke with put through a balance increase request, but it was declined. He promised to push it through the appeals department, and told me to check back in twenty-four hours to see if my request was approved. I checked back. It got approved--for a fraction of the amount I requested. Boo. At least now I don't have to worry about going over limit if I have to fill up my car before my next payment posts. Next, I called Citibank. I thanked them kindly for their balance transfer offer and pointed out that they are my highest interest card, even at the transfer rate they're offering, and it sure would be nice if they could just lower my interest rate. They told me they didn't have a lower rate to offer me at this time. Again, boo. Looking back, I should have asked for a supervisor, told them about the offer from Discover, and informed them that if they didn't lower my rate, I would go ahead and transfer as much as I could of my Citibank account over to Discover. Maybe after I finish this post, I'll get up the nerve to call back and try that tack. Maybe. Success Score: Cell Phone: Next up, I realized that my husband and I are both relying almost solely on our unlimited text-message package to communicate, both with each other and with our friends, and most months we barely touch all of the minutes that we're paying for. So I called T-Mobile to point this out and ask if they had any dual-line plans with fewer minutes. This rep sounded genuinely regretful as she informed me that we already have their cheapest dual-line plan, and that it would cost us more to switch to two of their lowest individual plans. Again I say: Boo! However, she went on to hint, imply and otherwise inform in as roundabout a way as she could without coming straight out and saying so and raising the ire of her supervisors, that I might have more success if I wait until my contract is up, shop around for better deals with other providers, and then call back with that information as leverage. She also mentioned that I should keep an eye on their web site, where they occasionally offer better, limited time deals. So at least now I have a plan, and hope for cutting down that bill in the future. Success Score: Cell Provider - 1; jeanjeanie - Half a point, for at least ascertaining some useful info. Internet Access: A year ago, I signed up to a deal with Netscape offering a year's worth of accelerated dial-up for $9.99. Shortly thereafter, our computer up and died. I held onto the account hoping we'd replace the computer fairly quickly, but that didn't happen, and eventually I completely forgot about the account. Until a couple of months ago, when I noticed it showing up on my Citibank statement. I called to cancel it then, but they reminded me that I signed up for a full year, and couldn't cancel it without a steep fee. Having only a couple of months left, the fee outstripped the remaining monthly charges, so I let it set. But today, I realized that the year is up this month, so I called back to cancel. This time, after having to answer a lot of questions, insist that we really, truly, honestly and deeply don't want, use, or need the service, and that no, I don't want to pay to use it as web mail, thank you so much, I got them to cancel it. So that's ten bucks a month we'll be saving from now on. Every little bit helps, right? This one gets a Yay! Success Score: Internet Provider - 0; jeanjeanie - 1 Banking: Several months ago, I opened up a high yield savings account with Citibank, lured to them by the siren call of a $20 sign-up bonus if I kept my account open for 90 days. At the time I intended to do just that, get my $20, and find a better rate elsewhere, so, not having memorized my husband's SSN and not wanting to bug him, I didn't add him as the account's beneficiary. Since then, we've actually saved up a nice little fund, and the fact that he can't access it has been bugging me. I also realized that, shockingly, Citibank doesn't have any branches or ATMs in our area, so it's not going to be that easy for me to draw the money we need once we find a new place to live, either. Even so, I kept procrastinating on moving the account. Until today, thanks to Blogging Away Debt, who posted a reminder about some ING referral links she still had available that would get me a $25 sign-up bonus. So I opened a joint account with my husband and initiated a funds transfer, and got rewarded with my bonus right away -- I didn't even have to wait 90 days. Thanks, Tricia! And also: Yay! Success score: jeanjeanie - $25! Disappointed as I am with the credit card and cell phone results, I'm still better off than I was when I started. In a couple of months, I'll re-evaluate everything and try again, and this time I'll be a little more savvy when it comes to the credit card and phone companies. Labels: credit cards, evil, money management, saving+investing |
You are doing great. At least you didn't just wish your bills would go away, you did something about them.
Great job!
...although I do really wish my bills would just go away. Sadly, that doesn't seem to actually make them vanish. Sigh.
Thanks!