Ask me about working for a credit card company

lancev99 · #1 01-03-2007, 07:26 PM

Hey OOT,
I am getting ready to leave my job, working for a major credit card company. If you have questions about working for one, let me know.

Background-I am a manager in a call center for a Major (top 3) credit card company, we take incoming calls only, no outbuond.

bonds · #2 01-03-2007, 07:34 PM

Do you know anyone who works in the collection end who:

(1) has been fined or fired for violations of the Fair Debt Collection Practices Act or other law, or

(2) has been killed by an irate deadbeat?

Also, just out of curiousity, what's the highest interest rate you've ever seen your company charge?

lancev99 · #3 01-03-2007, 07:40 PM

[ QUOTE ]
Do you know anyone who works in the collection end who:

(1) has been fined or fired for violations of the Fair Debt Collection Practices Act or other law, or

(2) has been killed by an irate deadbeat?

Also, just out of curiousity, what's the highest interest rate you've ever seen your company charge?

[/ QUOTE ]

1. We don't have collections at my location, so I don't know. I am sure it has happened. I know people lie to customer's all the time, very rarely does anything happen.

2. Nobody I know that has been killed. As I manager I've been threatened at least 50 times. Some kind of serious. We call the cops for some. One time we called the FBI when somebody threatned to blow up the place.

Highest rate I've seen is 29.99%- Most Credit Cards are based out Delware, because of the lending laws, so any agreement signed is from there and based there. The highest we will ever charge is a 32% rate, I haven't seen it yet.

riverdance · #4 01-03-2007, 07:41 PM

i pay my balance every month in full. so i don't pay any fees or intereest. do credit card companies hate customers like me?

lancev99 · #5 01-03-2007, 07:45 PM

[ QUOTE ]
i pay my balance every month in full. so i don't pay any fees or intereest. do credit card companies hate customers like me?

[/ QUOTE ]

Yes and No. Yes, they make 0% on you. No, because you are a "valued" customer. Usually have a higher credit score, are likely to choose/more likely to choose that bank if you need a home loan or car loan. So they still want your business. We actually like those people more than the people that are late all the time with horrible credit.Adds more risk to the bank.

*** · #6 01-03-2007, 07:49 PM

I payed my CC bill a day late because I forgot. What are my chances of getting my interest payment annulled?

chopstick · #7 01-03-2007, 07:49 PM

Like riverdance, I never carry a balance. Once or twice in the days before interweb payments, my check arrived the day after the due date, and I was charged a late fee. I called the credit card company and asked them to reverse the charge, because "I am a good customer and always pay off my bill on time". They reversed the charge.

How many calls do you get like this? How many of those callers understand that behaving like that is no boon to the credit card company and deliberately play dumb, and how many have no clue and honestly think they should be rewarded for it? How did you train your agents to deal with that kind of reasoning?

lancev99 · #8 01-03-2007, 07:51 PM

[ QUOTE ]
I payed my CC bill a day late because I forgot. What are my chances of getting my interest payment annulled?

[/ QUOTE ]

Call in and ask. If they say no, ask for a supervisor. If it was your first time late, stress that. It's based on your credit score, how many times late, how many fees you pay a month, or a year. Always ask, if they say no, ask for a supervisor.

*** · #9 01-03-2007, 07:54 PM

[ QUOTE ]
[ QUOTE ]
I payed my CC bill a day late because I forgot. What are my chances of getting my interest payment annulled?

[/ QUOTE ]

Call in and ask. If they say no, ask for a supervisor. If it was your first time late, stress that. It's based on your credit score, how many times late, how many fees you pay a month, or a year. Always ask, if they say no, ask for a supervisor.

[/ QUOTE ]
Will it make a difference if I wait until next month's bill comes or call now preemptively?

lancev99 · #10 01-03-2007, 07:55 PM

[ QUOTE ]
Like riverdance, I never carry a balance. Once or twice in the days before interweb payments, my check arrived the day after the due date, and I was charged a late fee. I called the credit card company and asked them to reverse the charge, because "I am a good customer and always pay off my bill on time". They reversed the charge.

How many calls do you get like this? How many of those callers understand that behaving like that is no boon to the credit card company and deliberately play dumb, and how many have no clue and honestly think they should be rewarded for it? How did you train your agents to deal with that kind of reasoning?

[/ QUOTE ]

About 1/2 of the people that call in with those problems are smart people, just made a mistake. The other half has no idea how to manage a credit card. They have no idea about it, or how it works.
When people come to work for us they usually fall in the later 1/2 of no idea of how a credit card works. We have to educate them with everything. They have a 3 week class before they get on the phones to learn, then a 3 week "babysitting" type setting to take calls in. I train my people to explain it like you would explain the situation to your mother/grandmother. Use basic info. One good way we have of explaining is "You pay your gas bill every month, if you don't they turn off your gas" same type of thing.