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How to Negotiate With Credit Card Companies

Many citizens who find themselves knee deep in credit card debt are in danger of sinking even deeper because they don’t know how to negotiate with credit card companies.

Those that do know how to negotiate with credit card companies know that there are always options. While it may be difficult for you to make that next payment, the credit card company simply wants their money. So, when you begin your negotiations, your first goal should be to try to find a way to meet the credit card company halfway.  

All things are not negotiable, but you’d be surprised at the number of things that are. The principal is usually not negotiable,  but almost everything else is including your current interest rate, your next due date, your late charges, and so on. So, the owed principle is not open for talks when you are negotiating credit card debt. The credit card company may balk at negotiating on other things but, in the end, they want to keep your business. They fully realize that you are worth more to them as a long term customer than a short term penalty fee.  

If you view your credit card bill you’ll notice that your rate of interest is listed  in a section that is not hard to find.  Normally, if your interest rate is more than  percent you will have something in which you can use for negotiation.  Many store cards and low limit credit cards have rates that are over percent and they usually go up every year.  Credit card companies, naturally, prefer to charge as much for interest as they can get away with. But you should know that, these interest rates are arbitrary numbers set by them. Knowing this, gives you a leg up on many others when beginning your negotiations.

As long as you always pay at least your minimum fee and pay on time, you are probably fine.  In fact, many people make it a point to call each of their credit card companies once a year and threaten them with paying the card off in full and canceling it if they didn’t his credit card interest rate. And usually, his rates got lowered.  Having your interest rate lowered is, in a way, l like getting a raise. You have more money in your pocket.

In the end the credit card company only cares about getting paid and if you expect more than that then you are being naive.  They don’t care about you no matter how nice they talk to you; all they care about is money.  They also do not like you if you pay your balance off every month.  I know someone who has used their card and paid off their balance every month for years and their credit limit has never been raised.  I pay my minimums on my three cards and my limits get raised constantly.  Threatening to pay off the entire balance is a huge threat you can use when negotiating credit card debt.

Remember that they are a business and you are the customer.  You always have the option of taking your business elsewhere if you are unhappy.  If you let them know you are willing to do that then they will talk to you.

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