About two weeks ago I got a letter from my credit card company saying that in December my interest rate would be going up to 24.99%. This card has been slowly going up for the past couple of years to almost 20%.
Normally I pay of the card every month so it’s not a big deal, but there are times that it takes a couple of months to pay something off. This really pisses me off because I’ve never been late or anything like that and they’re just trying to really make a ton of money.
I was really ready to cancel the card, but it’s the card I use the most, I had it the longest, 11 years at this company and 4-5 before that. And before that it was a calling card, so I’ve had the credit limit open for 18 years or so. It also will give me an extra line of car insurance when I rent a car. I have only one other credit card, and I haven’t used it in years and I’m not sure it’s still even open as I can’t find the card. It is through my credit union so I’m hoping that it is.
I did call and try and see if they would lower the rate, they will not. When I asked why they were raising the rate I was told “To better help our customers”, WTF, how is that helping me at all? And was also told that I pay every month so it shouldn’t matter to me at all.
So any wisdom on canceling the card or not. I’m also going to try out a poll for the first time to see if others are in the same boat.