I’ve had a credit card with Chase for the last 10 years and currently have a balance of $15,000. I’m thinking about paying off the balance in full and was wondering if it’s possible to negotiate a discount or any sort of concession by doing so.
Has anyone ever tried calling their credit card issuer to request a discount or reduction on the balance if they pay it off completely? If so, what was your experience, and did it work?
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Debt settlement allows you to pay off your account for less than the full amount owed.
Some credit card companies and debt collectors may settle for 20 to 75 percent of the balance, potentially giving you an 80 percent discount.
Debt settlement is usually possible when your account is delinquent (at least 90 days past due).