How to Negotiate with Credit Card Companies

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Be confident, firm, polite, and patient when negotiating with credit card companies to reach a better deal.

Step 1: Contact card company
Call your credit card company.

Step 2: Ask for better deal
Ask nicely if they will lower your interest rate.

Tip
Remind them of your history with them and consistent on-time payments.

Step 3: Present other offers
Mention other, more appealing offers you have received from their competitors.

Step 4: Ask for a settlement
Ask them if they will agree to a reduced settlement.

Warning
Settling on a credit card debt for lower than what you owe will hurt your credit score.

Step 5: Improve your credit rate
Improve your credit rating, which can get you a better interest rate, by paying bills and minimum balances on time, and by checking your credit reports for incorrect information and correcting them.

Did You Know?
Did you know? In 2008, 84 percent of undergraduates had at least one credit card.