My Bank of America credit card is raising its interest rate. My current rate is 10.99, they want to raise it to 20.99 as of the 1st day after the March closing statement. Just like my Capital One when it raised its interest rate, I have the option of rejecting it and being able to pay it off over time.
Obviously, I won't do that since it would have a huge impact on my credit score thanks to losing all that unused credit limit so I am a little peeved.
Thankfully, I will have this card paid off in May at the latest which means they won't get much from me but its still annoying.
I find it to be a strange coincidence that my two oldest credit cards have now both raised their interest rates on me since you aren't supposed to get rid of your oldest credit lines. That's okay, once we have bought our house, they are going bye bye. I have two other cards right now that have much better benefits and are worth keeping.
So glad that card is almost paid off...
January 23rd, 2008 at 05:49 pm
January 23rd, 2008 at 06:28 pm 1201112922
January 23rd, 2008 at 06:56 pm 1201114600
January 23rd, 2008 at 08:28 pm 1201120133
January 24th, 2008 at 02:45 pm 1201185909
The other issue is that this is my largest line of credit so the debt to limit ratio on any other card would become very bad for a short period of time. Since all debt should be gone as of October, my inertia screams to just pay it off quickly and move on to the next debt.
January 24th, 2008 at 05:00 pm 1201194016
but if you have been paying off a card and with large amounts, they still want to get yourmoney so they can and will raise your rates. If you pay it off suddenly faster this can happen.
January 24th, 2008 at 05:39 pm 1201196365
The weird part is that they are claiming that they are only raising my account 4% (old rate was 8.25 + prime, new is 12.25 + prime) but since my current actual number is 10.99 and they said the new rate would produce a 20.99, I am not sure where they are getting their numbers.