Changes To Credit Card Agreement
Posted Under: Debt Tales
Today I received a letter from a credit card company informing me that my Annual Percentage Rate would increase from 16.24% to 27.99% unless I reject the increase. By rejecting the increase, I will be unable to use this card anymore. If I do use the card again, the rate increase will go into effect then.
There are still seven debts ahead of this on my debt snowball schedule, so I will only be making minimum payments on this account for quite a while. I definitely do not want any additional finance charges added, so I immediately called and rejected the offer. I had no plans to use this account any longer anyway.
The rejection process only took a couple minutes and was handled by the automated phone system, so I never talked to a person.
To make sure we don’t use this card, I have shredded the cards we have.
Reader Comments
Nasty credit card companies, (almost) doubling the interest rate overnight - no wonder people find themselves spiralling faster and faster into debt. At least you read the letter and rejected the interest rate increase.