Watch Those Credit Card Rates

[The Judge]

Just called my credit card company to transfer a balance. I was late on another card by 5 days it had a promotion rate of 2.99% it went to 25.17% it cost me more for 1 month in interest then the whole of last year.

When I made the call found out my interest rate will go to from 4.77% to 15%on this card in May. I made the transfer anyway. Will look for a better rate in the meantime, if not, I will bite the bullet and pay it off. No more charging unless its an necessity for me.

I will continue to talk to the credit card companies to try for a lower rate but it seems they are becoming strickter.

Someone else had a credit card post recently I couldn't locate it or I would have post there.

[ddog]

pay them off , yesterday!!!!!

or don't pay anything and maybe Uncle will bail you out. :rolleyes:

[bobbyb]

Judge

Same stuff happening here in Canada. If your late with 2 payments your bumped to the card companies highest rate :eek:

5 days seems a little tough to bear in my book - your right to pay them off pdq and look for another CC. Good Luck

bobby

[The Judge]

I was told when I called I could opp out. I have no idea what this means but I think it means they will keep the card at 4.77 on the old balance until it is paid off but the credit card is dead no new charges. This would have been fine but because of the transfer I can't opp out. So I now have to get a new rate or pay it off before May.

I'm just sending up a flare,be careful read those notices not just the bill.

I use to get 4-5 credit card applications a week offering 0%- 3% $25.00 transfer fee or free. Now they want a % of the transfer balance and the offers have slowed to a trickle.

Be careful read the notices! See if you can Opp Out if its to your advantage.

[Cash_McCool]

I was told when I called I could opp out. I have no idea what this means but I think it means they will keep the card at 4.77 on the old balance until it is paid off but the credit card is dead no new charges. This would have been fine but because of the transfer I can't opp out. So I now have to get a new rate or pay it off before May.

I'm just sending up a flare,be careful read those notices not just the bill.

I use to get 4-5 credit card applications a week offering 0%- 3% $25.00 transfer fee or free. Now they want a % of the transfer balance and the offers have slowed to a trickle.

Be careful read the notices! See if you can Opp Out if its to your advantage.

NO! That means you can "opt out" of the rate change and pay off the entire portion now.

[facorsig]

Yes, the "opt out" choice means that the loan is to be paid off immediately. I read the fine print in last month's Citibank insert I received. Over recent months my rate had gone down to 13.99%, but now they are increasing to 16.99% (not related to any payment delay from my side). In the past, you could deny these rate changes and continue to pay at the old rate, but this is no longer true. My insert was clear that non-acceptance of the new terms would be coupled with repayment of the principle.

[bigmack]

http://fishtrain.com/wp-content/uploads/2007/08/american_express_card.jpg