Negotiating With Credit Card Companies

2 hands shaking with a blank contract and pen

Negotiating with credit card companies can seem intimidating. But if you follow a simple procedure and enter into the situation with a professional attitude, then you can be surprised at the positive results you will experience. Get all of your information together before you pick up the phone to negotiate your credit card debt.

Prepare a plan.

The worst thing you can do is call your credit card company without having a plan in mind. If you are trying to negotiate a lower interest rate, then have your most recent bill handy so that you know what your last interest rate was. If you are trying to negotiate a pay-off amount, then analyze your bill to determine how much of your debt is interest, and how much is principle. Your credit card company may negotiate with you on interest, but you should expect to have to pay back the principle you owe.

Always have an ideal result and the result you will settle for when you start negotiations. For example, you would like to get your interest rate negotiated down to 10 percent, but you will accept 12 percent.

Talk to a manager.

Do not start negotiating with the first person that answers the phone. Ask to speak to a supervisor or manager. The associate that answers the phone will ask why you need to speak to a manager. Be polite and professional and explain that you are looking to negotiate with the credit card company. Maintaining a polite and professional attitude with everyone you speak to at the credit card company, regardless of whether or not they are willing to help you, will get you further than being rude.

Get it in writing.

When you are negotiating with the customer service manager, be sure you take plenty of notes. Get the manager's name, write down the date and time of the conversation and make notes on important details. Remember that the credit card company can offer you an installment plan to pay off your negotiated debt, so make a note of the monthly amount that the manager promises you. Ask the manager to send you something that puts your agreement in writing, and make sure it matches your notes.

Your credit card company just wants you to pay your bills. As long as you go into a credit card negotiation with something to offer the credit card company, you should be able to get an agreement you can live with.

Maintaining a polite and professional attitude will get you further than being rude