How to Negotiate Credit Card Payoff With Citibank
Credit cards provide excellent convenience, but the cost of that convenience can be very high. With the interest rates on credit cards from Citibank and elsewhere running well into the double digits, it is often all but impossible to pay off a large balance by making the minimum monthly payments. If you owe a lot of money on your Citibank credit card, it might be more cost effective to negotiate a settlement with the company.
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Instructions
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Get out all of our Citibank credit cards and credit card statements. Write down a list of all the balances, as well as the minimum monthly payments and the interest rates.
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Pull out your personal budget and other financial records to determine exactly how much you can afford to pay to Citibank to retire your credit card debt. Use a lower number when proposing a settlement with Citibank. This will provide room for counteroffers.
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Call the phone number on the back of your Citibank credit card and go through the voice-mail system until you are speaking to a live operator. Ask the operator for a supervisor. The front-line customer service representative will not have the authority to change the amount you owe.
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Explain your situation to the Citibank supervisor. Propose to pay off your balances using a number lower than what you can actually afford to pay. Expect Citibank to come back with a counteroffer.
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Get your payoff option in writing from Citibank, and keep a copy for your records. It is important to keep a copy of the settlement offer, since Citibank might try to change the terms after you have started making the payments.
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Pay attention to the due dates of your payments to Citibank. The bank is likely to be very strict about due dates, so be sure to send in your required payments at least a week early.
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References
- Photo Credit credit cards image by Aleksandr Lobanov from Fotolia.com
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Comments
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citi bank worked with me to pay them back ($4800). I had not any money for a lump sum settlement even at a reduction. I proposed a $100/month payment for 48 months. no more interest, late fees etc, just stop the bleeding agree on the amount and pay it back. they agreed immediately. I will meet my obligation 100% and not blemish my credit any further. it was a win - win.
