How To Negotiate With Credit Card Companies

Need to know how to negotiate with credit card companies? If paying the minimum payment on your credit cards every month is a struggle, you may wish to negotiate with your credit card companies for lower interest rates or balances. Fortunately, you don’t need to hire a company to negotiate with your credit card companies for you. You can conduct successful negotiations yourself for free.

  1. Set a goal before you attempt to negotiate with credit card companies. If you want a lower interest rate, decide ahead of time what rate you are willing to settle for. If it's lower balances you’re after, decide what percentage of your current debt you want eliminated. Your chances of success negotiating with a credit card company will be better if you know exactly what you want ahead of time rather than simply making a call to ask for help.
  2. Do your research on how to negotiate with each credit card company. Consumers attempt to negotiate with their credit card providers every day and they often document their failures and successes on blogs and forums. Depending on the credit card company, some negotiation tactics will be more successful than others. By doing a bit of online research, you can familiarize yourself with how each credit card company negotiates and what tricks you can use to get the end result you want.
  3. Miss several payments to your credit card company. Unfortunately, missing payments will temporarily damage your credit score, but very few credit card companies are willing to negotiate with consumers whose accounts are current. A credit card company has no incentive to lower the account balance or interest rate of an individual who makes his credit card payments on time.
  4. Call the credit card company and ask for a supervisor. Asking for a supervisor saves you the time and frustration of dealing with customer service representatives who are trained to refuse your requests for modification of your account. In addition, supervisors possess the authorization to negotiate with you. Customer service representatives do not.
  5. Start your negotiations by offering a lower balance or interest rate than you actually want. Your credit card company won’t accept your first offer. By starting your offer out lower than you can actually afford, you can get what you want while appearing to compromise.
  6. Call the credit card company back if your attempts to negotiate are unsuccessful. A supervisor may refuse to negotiate with you, but that doesn’t mean that all supervisors will. Continue to call the credit card company back, and attempt to negotiate until you find a supervisor who is willing to help you.


Federal Trade Commission

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