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Credit Card companies

Discussion in 'Money & Finance Forum' started by Thelt, Apr 10, 2007.

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  1. Apr 10, 2007 at 4:26 PM #1
    Thelt

    Thelt Full Access Member

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    They just sent me a notice on one of my cards that they are going to double my interest rate. I have not been late on a payment but I have used the card a lot the past six months while my wife was out of work. They are a bunch of loan sharks. I think I will refinance the house and pay it off so I can just close the account.
     
  2. Apr 10, 2007 at 4:32 PM #2
    VA49er

    VA49er Full Access Member

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    Just cancel the credit card.
     
  3. Apr 10, 2007 at 4:38 PM #3
    meatpile

    meatpile 7-9

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    do a balance transfer.
     
  4. Apr 10, 2007 at 6:16 PM #4
    VA49er

    VA49er Full Access Member

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    Let me guess, Capital One?
     
  5. Apr 11, 2007 at 9:15 AM #5
    Thelt

    Thelt Full Access Member

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    It was a Wachovia card to start with, but was bought out by MBNA, which was bought out by Bank of America. It is now owed by FIA card. My rate has been 9.99% for years but now they want to make it 19.99%.

    I can reject the change but I can no longer use the card after May 1 or I am forced to accept the change. I sent a letter rejecting it and plan to cut up the card before May 1.
     
  6. Apr 11, 2007 at 10:23 AM #6
    VA49er

    VA49er Full Access Member

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    Sounds like a plan. I'm not sure what the rate is on my AMEX card. I don't pay any attention to it because I pay it off each month.
     
  7. Apr 11, 2007 at 11:18 AM #7
    Thelt

    Thelt Full Access Member

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    I used to have all mine paid off but marriage and kids stopped that.
     
  8. Apr 11, 2007 at 12:40 PM #8
    VA49er

    VA49er Full Access Member

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    I can see that happening. My daughter got hold of my wallet the other day and had some money out playing with it. It's only a matter of time.
     
  9. May 30, 2007 at 10:22 PM #9
    CunningRunt

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    Do a balance transfer to a lower rate or take out a personal loan to pay it off. Keep it open, though. Cancelling it will hurt your credit score. The more credit you have available to you that you are not using is a good thing.
     
  10. May 30, 2007 at 11:09 PM #10
    VA49er

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    Closing it won't hurt the credit score that much.
     
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