Ok, maybe that's being dramatic. ; )
I decided to call Citi about my interest rate jumping from 6% to a whopping 24% on a card I've never payed late ever. I had learned about this a week or two ago (there's a blog entry about it, too lazy to go check out the date) when I logged in to pay the bill that our interest rate went up. We owe thousands and thousands on this card... *sigh* The jump from 6% to 24% was just huge and added over 100$ that we DO NOT have in any way, shape or form. So needless to say, I was upset.
I decided not to call them when I was upset. I was looking at the Door O' Bills and decided I had to call them to see what was up. I warned my husband before the call that things might not work out my way and I'd be in a bad mood the rest of the night.
So I called, asked what was up with the interest rate. I was shaking because I was so nervous and expecting rejection, them telling me that my credit is bad so they're not going to lower the rate, blah, blah, blah. BUT NO! The girl on the phone said something about some letter I was supposed to get in the mail and I could reject the change of terms to the account. Well, I honestly open and read every single piece of mail that we get here. No foolies. I do not remember anything of the sort. I thought that now we were REALLY screwed because I didn't get some letter in time and that we were now doomed with a 24%+ interest rate.
There really was no thinking about it. I know closing (or whatever they did... I think she said I could use the card until it's expired, which I don't use anyway) the account is a hit to the credit report, but my credit probably is crappy now anyway. And 24% vs 6% on a card where we owe so much on, there wasn't much to think about.
So the only caveat is that this month I have to pay the higher minimum payment. I have no clue how that's going to happen... but at least next month it will be back down to the 6% minimum payment. It's a HUGE load off my shoulders.
Phew.
VICTORY IS MINE!
February 6th, 2009 at 03:28 am
February 6th, 2009 at 12:53 pm 1233924797
February 6th, 2009 at 04:26 pm 1233937566
February 6th, 2009 at 04:26 pm 1233937616
February 7th, 2009 at 03:39 am 1233977972
February 7th, 2009 at 03:58 am 1233979086
I just saw something on the news about this tonight too. They just pick a group of people based on similar characteristics and raise the rate, even if those people have never been late and are faithful customers. Crazy!
February 12th, 2009 at 12:53 am 1234400010