Negotiate Store Credit

At times you can find yourself in a tough financial situation, perhaps you are unemployed due to a career change, or a new family situation; and you just need that extra help for a short time. Getting a store credit can help you out. Here are five easy ways in which it can be done.

Explore existing store credit plans-

In many cases it is possible to get a store credit with no effort on your part. Many stores and businesses, especially the larger ones, have standard plans available. Usually, if apply for the store’s credit card, they will give you a partial of full credit, with no payments required for up to a year. It is in the business’s interest to offer you this service since it allows them to build a relationship and loyalty with their customers. Often, people continue to use the card after the purchase is paid off. You can find out about the store’s plan by approaching the customer service desk and they will be more than happy to help you. It is also a good idea to ask the salesperson who is helping you with selecting the product about your options. Let him know about your tight budget and he can usually recommend the best option.

There is however, a strong downside to this method. Unlike the bank credit card, applying for store credit card actually lowers your credit score. If you already don’t have a good credit, you will be denied, which, again damages your credit score. In most cases, if by the end of the grace period you cannot pay in full, you will be charged a very high interest.

Choose the right time and right person-

If you are wishing to negotiate a store credit, it is important to choose the right circumstances. Go to the store when it is slow. Usually when there are no customers demanding attention and no phone calls and troubleshooting that they need to deal with, the sales personal would be willing to give you more time and attention.

You will also need to find the right person to talk to. In most cases, the sales clerks do not have enough knowledge about store policies or the authority to offer you a store credit, but the manager or the head of the department can. So don’t hesitate to ask to speak to the person who is in charge.

Build a relationship with a business-

Build a relationship with a business or rather just emphasize the existing one. This technique works best for local businesses and small communities, as well as negotiating with online businesses and service providers. If you have been shopping there for years on a consistent basis, the owner knows you by name or maybe even you part of the same community, there is a great opportunity to negotiate a credit. They know that you will continue to shop there and would like to keep you as a customer when the hard times are over. You can even mention that you might be forced shop at a competitors store unless you can get a credit for awhile.

Get a friend or family to negotiate the credit for you-

this is a really powerful method. If you someone who is a valued customer is doing business with them, you can get a store credit very easily. The owner might grant the store credit as a favour to your friend or just have him act as a guarantor.

Make them benefit- give something back to the business owners in exchange for the store credit. The best way is to promise to refer people to their store (and actually do it). The more people you refer, the better credit they will be willing to give you.