There are times when you should always haggle, like when you're at a flea market or purchasing a new car. But there are other, less obvious situations where your bargaining chops may come in handy. For example, did you know you can negotiate the price of your monthly rent?
You may immediately think, "my landlord would never do that," but there are specific methods to approaching situations like this. We've compiled a list of techniques you can utilize to get discounts on services, living expenses, and products.
Late Fees
Credit for this one goes out to our friend Ramit Sethi, author of I Will Teach You To Be Rich. You can call your credit card company's service number and haggle your way out of paying a fee. (We should add that if you're consistently late, haggling your way out of a late fee probably won't work.)
If you've missed a payment, start off by saying that you understand you were late, but you'd like to have the fee waived. Explain it was a mistake and won't happen again. If the rep is particularly tough and won't refund the fee, respond with, "I'm sorry, but I've been a customer for (fill in the blank) years and I'd hate for this one fee to drive me away from your service. What can you do to remove this fee?" This will typically get great results.
APR
Your APR is your annual percentage rate, which is how much interest your credit card company charges you. The average APR rate is 14 percent. Call your credit card company and ask them to lower your APR. Tell them you've been paying the full amount on your bill for the past few months and you know there are quite a few cards offering lower rates. This typically has a 50 percent chance of working, but it's worth a shot!
Cars
Car dealerships are all about negotiation. Try and haggle the cost of the vehicle as a whole, and don't let pushy sales people intimidate you. Also, if you're purchasing a used car, look up its Blue Book value. Get the car independently inspected by a trustworthy auto expert as well, and if there are any necessary repairs or issues that need taking care of, haggle the price accordingly.
Mortgage Rates
The Federal Trade Commission advises consumers to shop around for mortgage rates and negotiate to get the best one. A good credit score will go a long way in helping you negotiate for a lower APR, and every person regardless of their score should discuss lowering/eliminating certain closing and processing fees.
Rent
Did you know you can haggle how much rent you pay? This is especially fruitful when renewing your lease. The landlord would much rather lease to you for a cheaper price than face having to get a new tenant—one who hasn't established the same relationship of trust as you have. (If you're consistently late with rent, however, your landlord will most likely oppose lowering it.)
Gym Memberships
According to TIME, a customer threatening to take their business to a different gym is enough to persuade a customer service rep into giving a deal. Customers can also negotiate the elimination of registration costs or annual fees when beginning or renewing memberships.
Cable/Phone/Internet Services
Consumers can play hardball with their cable, phone, and internet services by keeping track of what competitors are charging new customers. Tell them you're considering switching and ask them to match or beat the deal, and watch them sweat!
Home and Yard Maintenance
Home and yard maintenance is almost always handled by local, small business owners. It doesn't hurt to try and ask for a lower price. Tell them you'd prefer to work with them but that you've been quoted a lower price by one of their competitors. Also, offer to recommend them to other potential customers, such as frieds and family.
Furniture
There are a few easy techniques to use when trying to get furniture for a discount. Stephen Antsidel, a consultant with 20 years in the furniture biz, says that a customer who offers to take the floor model, is willing to wait for a special order, or is purchasing multiple pieces as a package deal has a good reason to ask for a discount. Paying in cash is also an incentive for a salesperson to knock the price down. Shopping at an independent showroom optimizes your chance of success, as national chains are less prone to making exceptions. Finally, if you're willing to live with blemished items, you could get up to 50% off.
Flea Market Finds
This one is obvious: if you're at garage sales or flea markets, never accept the price given to you by the seller. One trick to scoring a good price is showing that you genuinely care about the items. It's psychologically proven that people are more willing to park with things if they think they're going to a good home.
10 Things You Should Always Haggle For | My Bank Tracker
Katherine Muniz is a writer for MyBankTracker.com. She covers a variety of topics, including stories about college graduates and the job market.
MyBankTracker.com is an independent resource that helps consumers make smarter banking and money decisions.In addition to editorial content, MyBankTracker provides free rate and bank information to consumers on more than 7,000 banks and 30,000 financial products, including credit cards, savings, checking, mortgage and general banking fees.
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