Many people do not realize that they can negotiate parts of their credit card arrangements with the credit card company even after the account is being used. Whether you want a lower interest rate, or you need to discuss a payoff amount for your account, talking to your credit card company is not as difficult as it may sound.
Use Other Offers to Lower Your Rate
Every so often you may get an offer in the mail for a credit card with an interest rate that is significantly lower than the rate you are getting now. Transferring credit card balances is a good way to lower your interest rate, but your credit score will suffer if you continually transfer balances. Call your current credit card company and ask them to match, or come within a few percentage points of, the great deal you just got in the mail. Let the current company know that you are more than willing to take your business to the new card to get the better rate, but you would like to give your current company a chance at keeping your business. You may not get the exact interest rate in the new offer, but if you can get your interest rate lowered on your existing account then you have lowered your credit card debt and managed to keep the card in your credit history for the immediate future.
Speak to the Right Person
When you are negotiating anything with your credit card company it will not take long for the representative you are speaking with to have to either ask a supervisor to approve your request, or to transfer you to a supervisor to speak with. When you make the call to negotiate with your credit card company, ask to speak to a supervisor right away. Make sure you take detailed notes including the name and identification number of the person you spoke with, the phone number you called, the date you called, the time you called, and the result of the call. Most credit card call center supervisors either have an identification number or an extension number they use to identify themselves. Rarely will they give you a last name, so try to get some sort of identification number before you discuss any issues.
Payoff Amounts
If you have determined that your credit card debt is taking over your monthly budget, then you may want to contact your credit card companies and negotiate a payoff amount for your accounts. In most cases credit card companies will establish a payoff amount with you that is less than what you really owe, and they will also put you on a payment plan to help pay the amount off. Remember that negotiating a payoff amount has a damaging effect on your credit score, and if you miss a payment on your installment plan then the credit card company could rescind the payoff amount and send your account to collections. At that point you would be negotiating with a collection agency to try and satisfy your debt.
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