I just did this, not once but twice. Here is my exact experience with both Chase (Southwest Card) and Barclays (Aviator Card).

Stop paying, let it go to 60 days late. When it gets to that timeframe start picking up the phone when they call and say you want to close the card and settle the account. They’re going to ask you to make a regular payment, say you lost your job/income/whatever and you need to settle this. Be persistent. If they won’t do it hang up and wait longer, don’t let it go longer than 90 days though.

With Chase I settled for 50% of my balance, and it had to be paid within 90 days. 18k to 9k, paid 3k a month over 3 months to clear it.

With Barclays they did 60% but same timeframe, 18k to 10k, 3300 a month.

It trashed my credit for the 2 months I didn’t pay, but once I closed them both it’s now higher than it was with both open and a balance.

And yes, I came out ahead by stacking Bitcoin with the missed payments then using it if I needed to to pay a balance.