A duck and a dream

I had the pleasure of watching arguably the world’s best magician David Copperfield live in Melbourne recently. The magic itself was awesome...

17 reasons you should always carry a book with you

1. As someone who used to spend a lot of time waiting for real estate clients to show up – I know that clients / appointments / people in general are often late...

Reality Television your way to Success

I think I’m one of the only “motivational speakers” (not that I call myself that) who will openly admit that I watch television. I watch bad television too… even… dare I say it… reality television.

Where is the love?!

One of my businesses, Elephant Property, works in the notoriously under appreciated category of residential property management. The old adage in property management...

The power of the word

I’m quite distraught. I was eating my personal trainer approved afternoon snack of 12 almonds (my suggestion of 12 Tim Tams: not approved)...

Showing posts with label credit cards. Show all posts
Showing posts with label credit cards. Show all posts

Wednesday, May 21, 2008

True Or False: Companies Lie To Their Customers

Take a major international credit card company I’ve recently reluctantly been communicating with.

They launched a new card in America – I thought it was cool, I went to their website to submit an enquiry to ask when / if it would be released in Australia. I wanted this card and I wanted to give them more business.

To follow was their response (which to read I had to click on a link in an email, log into a website and click twice more to read):

Dear :

Thank you for taking your valuable time to e-mail us. Your association with (XYZ) is highly appreciated.

I would be glad to assist you with your inquiry regarding (the new) card however, please be advised that you have reached the e-mail center in the United States. I am unable to assist you with your inquiry as your account is a Australia based account and we do not have access to your account records, nor we are trained to navigate your account. Therefore, for immediate assistance, please contact us at (insert American phone number) and a trained representative will provide you immediate assistance.

Please be informed that you are a Valued Cardmember, we are sensitive towards your concerns. Therefore, please be assured that we will do our best to most effectively understand your needs and more quickly handle your request.

I apologize for any inconvenience this matter has caused you and appreciate your patience and understanding in this matter.

We look forward to hearing from you so that we may effectively resolve your inquiry.

Sincerely,
XYZ staff member

This company’s lie? Saying I’m a valued or appreciated customer! If I actually was a valued cardmember:
• Perhaps their communication might have said “Dear Kirsty” instead of Dear blank
• Perhaps knowing I was in Australia they wouldn’t have sent me American phone numbers
• Perhaps they may not have sent me another equally useless communication after I responded to this one
• Perhaps instead of telling me how valued I was, they might have shown it by actually finding out the information I required and letting me know it

Tell your customers they’re valued all you like. But if your communications and your actions don’t scream it in every single way they’re not going to feel valued.

My gym makes me feel valued when I walk in and the check in counter is busy and they call me by name, wave me through and tell me they’ll fix up my sign in for me.

My post office makes me feel valued when they’re frantically upset that they don’t have my phone number on file to let me know about an express post parcel that arrived a few minutes after we collected our mail.

And yet neither my post office nor my gym have ever felt the need to sent me correspondence telling me I was “valued”. I feel it because of their actions, day in and day out.

Which would you prefer? Customers who can read that their valued or customers who feel valued?

Sign up to Kirsty's weekly email online at: www.kirstydunphey.com/weekly.html

By Kirsty Dunphey with No comments

Tuesday, October 2, 2007

The Seven Deadly Sins of Credit Cards

I remember the day my first credit card arrived in the mail. A rush of both terror and excitement made its way through me. Terror because I had watched both of my parents go bankrupt due, in part, to overuse and misuse of credit cards. Excitement – because I had a plan. I was going to avoid the seven deadly sins of credit cards and use mine powerfully and thoughtfully.

Can you avoid the following seven deadly sins?

Wrath
Don’t get angry when your monthly credit card statement is spiralling out of control! Make a commitment to only spend on your credit card that which you can afford to repay in full each month. The interest on credit cards is what can kill you, and paying off the monthly minimum will leave you hand cuffed to your card forever! Get your credit card under control and remember “credit” does not mean “free money”.

Lust
Just because you see a new credit card that comes in pink to match your shoes does not mean you need to get it! I recommend only one extra “emergency” credit card – if you’re responsible enough to NOT use it! “Emergencies” does not mean the new XBOX being pre-released! Keep it for emergencies such as medical emergencies or another credit card being denied when you’re travelling overseas due to your credit card company suspecting theft. Also make sure your emergency credit card has no annual fee.

Greed
Wo-hoo your credit card company has just offered you another limit increase! STOP! Consider the following:
• Each time you get a limit increase it will affect your overall borrowing ability (the higher your credit card limits the lower your borrowing power for assets like a house!)
• The higher your limit the more someone has access to if you’re the unfortunate recipient of identity fraud
• Banks quite often offer limit increases to people who cannot sustain more debt
• Do you really need the increase or are you just excited you’ve been offered it

Sloth
Paying off your credit card with another credit card is not the answer! As soon as you withdraw cash from most credit cards, you start paying interest immediately (in most cases). The only time I recommend you consider this option is when transferring the balance of your credit card to another. Then destroy the old credit card! Use the interest free period on the new card (often up to 6 months on a transferred balance) to help completely pay off your credit card debt.

Envy
Do you have a shopping problem? There are many great techniques for not overdoing the product envy, here are just a few:
• Put your credit card in a glass of water and freeze it. Commit to not buying anything until the water has melted (no microwaves!) and you’ve had time to fully consider the purchase
• Get a low limit on your card (preferably one that doesn’t have a limit high enough to afford the new Manolos!)
• Limit your online shopping to funds you’ve earned in your paypal account (that’s right – ebay your old stuff before you buy new stuff!)

Gluttony
How many is too many credit cards? This is, of course, an individual topic. For me – I have a personal card and a business card and I look for features such as low annual fees, high points for frequent flyer programs and long interest free periods. Importantly, I still stick to my rule of paying off each card in full before interest is due. A great option for someone who isn’t sure whether they’re ready for a credit card yet is to get a charge card – where you have to put the money into the card before you spend it!

Pride
If you feel that your credit card situation is beyond your control. Call your bank or financial institution and organise a time to sit down with one of their staff to organise a payment schedule. The banks have a vested interest in you continuing to attempt payment and can be quite flexible in how they make arrangements for your payment – all you gotta do is swallow your pride and ask!

Sign up to Kirsty's weekly email online at: www.kirstydunphey.com/weekly.html

By Kirsty Dunphey with No comments

    • Popular
    • Categories
    • Archives