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The Watercooler
Beware the credit card companies!
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<blockquote data-quote="DaisyFace" data-source="post: 313334" data-attributes="member: 6546"><p>A word of caution if you carry a balance...</p><p> </p><p>If you CANCEL the card because you refuse the interest rate hike....be prepapred to call the company each and every moth because they will raise the interest rate anyway!!!</p><p> </p><p>This happened to me many years ago. I had a credit at, I believe, 7.99% interest and I carried a balance on the card. They sent a letter that they were raising the rate to 12.99% unless I cancelled the card and "opted out".</p><p> </p><p>So...I cancelled the card <em>in writing</em> and refused the new terms of the agreement.</p><p> </p><p>Well, guess what? Every month the interest rate on the card would be different and every month I had to call to remove the excess interest charges and return the rate to my agreed-upon 7.99%. </p><p> </p><p>I was so relieved when I finally paid that card off!!</p><p> </p><p>Good luck!!</p><p> </p><p>--DaisyFace</p></blockquote><p></p>
[QUOTE="DaisyFace, post: 313334, member: 6546"] A word of caution if you carry a balance... If you CANCEL the card because you refuse the interest rate hike....be prepapred to call the company each and every moth because they will raise the interest rate anyway!!! This happened to me many years ago. I had a credit at, I believe, 7.99% interest and I carried a balance on the card. They sent a letter that they were raising the rate to 12.99% unless I cancelled the card and "opted out". So...I cancelled the card [I]in writing[/I] and refused the new terms of the agreement. Well, guess what? Every month the interest rate on the card would be different and every month I had to call to remove the excess interest charges and return the rate to my agreed-upon 7.99%. I was so relieved when I finally paid that card off!! Good luck!! --DaisyFace [/QUOTE]
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Beware the credit card companies!
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