How to use ChatGPT to negotiate a better deal on your bills

When it comes to saving money, experts like to tell us to stop buying lattes and avocado toast. But there are much more creative and realistic ways to cut costs.

If you’re comfortable getting on the phone to negotiate a deal with your bank or energy supplier, this strategy may be right for you. If you don’t know what to say or which approach is best to get a better price, artificial intelligence tools can help you prepare conversation topics and draft scripts.

You can use AI to save money on groceries, find the best deals online, and even negotiate your bills.

Since ChatGPT is a conversational AI tool, with a recent mass update to GPT-4o, it felt like the right tool to turn me into a master negotiator. ChatGPT, released in November 2022 as a free or paid premium version ($20 per month), can also help clarify language, offer negotiation strategies and organize your argument.

Can ChatGPT save you money?

I wanted to test two options:

1. Random bank charges.
2. Recurring expenses, such as an energy bill.

A bank charge

When I checked my statement carefully, I realized that I had overlooked some bank charges.

These types of charges are easy to overlook or pass up, but if I had a script to use, I’d be more willing to call my bank. So I asked ChatGPT to help me create one.

Question 1: “I have two bank fees: $15 for incoming wire transfers and $2.50 for use at a non-Citibank ATM. I have a Citibank checking account. What conversation topics can I use to get these fees removed?”

ChatGPT suggested that when requesting a fee refund I should be polite and personable and emphasize my history as a customer. I liked that specific talking points were provided for each fee:

It provided a sample script, but it was quite general so I followed in some more detail.

Question 2: “I have been working at Citibank since 2019. Ask how I can avoid incoming transfer fees in the future as international customers pay into my checking account. Please update the script.”

ChatGPT told me it’s good to ask the bank for advice on avoiding charges in the future because banks are more willing to help long-term customers.

I modified the concept of ChatGPT to make it more concise and personal:

“Hi, my name is Amanda and I have been working at Citibank since 2019. I noticed two charges on my account: a $15 charge for incoming wire transfers and a $2.50 charge for using a non-Citibank ATM. These charges are not normally associated types of fees, so I’m calling to see if these fees can be waived?

I also have international customers who regularly pay me through my checking account. Could you please advise me on the best way to avoid incoming transfer fees in the future?”

This is a fairly simple script and negotiation, but I wanted to see how ChatGPT would hold up to the larger deals.

A recurring invoice

I have a $99 Verizon Fios bill and wanted to see if I could negotiate a discount or ideas for paying less than $1,188 per year.

Question 1: “I pay $99 a month for my Verizon Fios internet. How can I get a discount or pay less than $1,188 a year?”

ChatGPT suggested I check current Verizon promotions and research current competitors’ offers before calling customer service. It also gave me some advice I hadn’t thought of, like calling at a different time and trying the online chat.

Question 2: “I don’t want to downgrade my plan. Please provide creative suggestions that I can pass on to Verizon.”

It gave me some solid options. Some of the suggestions included renewing your contract for a discount, asking about referral programs, requesting a loyalty discount, bundling additional services, paying annually to save money, discounts on paperless billing and auto-pay, promotional loyalty rates, compensation for service disruptions, assessment of additional costs and information about enhanced services or benefits that you can add to your subscription for the same rate.

I chose the points I liked and asked ChatGPT to include them in the script.

Question 3: “Use the extended contract, loyalty discount, annual payment discount, promotional rates, enhanced services at the same rate options in script.”

Here is ChatGPT’s revised negotiation script:

I changed it to this:

“Hi, my name is Amanda and I have been with Verizon Fios for over four years. I currently pay $99 per month for my internet service, which equates to $1,188 per year. I would like to explore ways to reduce my monthly bill without downgrade my subscription.

I am willing to enter into an extended contract or pay for the full year if that could lower my rate. Furthermore, I believe that as a long-term customer I should be eligible for a loyalty discount. Are there any loyalty programs or discounts available? I noticed that there are promotional rates for new customers and competitive deals with other providers.

I appreciate Verizon’s service and would prefer not to switch providers. Is there anything you can do to lower my bill?”

If you need to play hardball, ChatGPT suggests strategies such as requesting to speak to the retention department, expressing a willingness to switch providers, highlighting any past issues with your service, and requesting a free upgrade to ask.

Does it work?

Companies assume that customers will not stand up for themselves. There are no guarantees that negotiating will work, but it doesn’t hurt to try. A call may take 30 minutes (and then there’s the time you spend on hold), but it could potentially save you hundreds of dollars over your lifetime as a customer.

It’s also a good habit to build negotiation skills that you can use in more important parts of your life, such as negotiating a raise at work.

Always be friendly, come prepared with numbers and be clear about what you want. Companies don’t want to lose valuable customers.