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Another interest rate hike

November 9th, 2009 at 04:38 pm

So my Citicard who was the only card that hadn't raised rates due to market conditions, just jumped mine up 4.4x its current level. Ouch. I always feel like I did something wrong when I get increases like that but in my head, I realize that its just the economy and record defaults. Still. Nasty raise in rate. So another 0% balance transfer has been accepted elsewhere so I can pay the card in full and not close it by Dec 20th (I just got the notice Friday).

I basically break even when you take into account transfer fees (this is the one card that had some interest being applied) so I shouldn't complain too much. I have redone the budget to reflect the change.

So after the credit card payoff this Friday and this new transfer, the credit cards will look like this:

CC#1 11,330 0% (My payment $200)
CC#2 2,380 0% (My payment $40)
CC#3 4,082 0% (No min, no payment)

I really can't wait for July 2010 when these are all paid off. *Sigh*

Posted in Budget Info | 4 Comments »

4 Responses to “Another interest rate hike”

  1. ceejay74 Says:
    November 9th, 2009 at 04:44 pm 1257785071
    1257785071

    I hate how all my other variable rates are falling like crazy, yet my credit cards keep hiking up the rates! I only have a balance on one card, and it's one where I locked in 3.9% on a balance transfer. If I used it for anything else the rates would be horrible on those purchases, so I don't touch that card, just keep plugging away at the balance. I take great pleasure in thinking how it's driving someone at Amex nuts that I pay so early, there's no way they'll catch me out with a late payment and be able to hike my fixed rate up!

  2. Joan.of.the.Arch Says:
    November 9th, 2009 at 04:56 pm 1257785782
    1257785782

    Breaking even is better than the alternative, of course! Hey, CC #3---no minimum, no payment? How'd you swing that, and is that just for six months or something?

    Citi just raised my rate to prime plus 13.99+, w/ a minimum of 19.99%. I'm surprised: I thought they would be taking away my rewards by the end if the year. Maybe that letter is in the mail next.

  3. Caoineag Says:
    November 9th, 2009 at 05:13 pm 1257786811
    1257786811

    Joan, CC3 is a home depot card, 0% apr, no fee, 12 month no interest, no payment, pretty standard store card deal. Almost all my debt currently is from home repairs hence the home depot card (the sears card for all the appliances was paid off awhile ago).

    My thing is I can't imagine what all these aprs will be once interest rates rise. My citi's new rate is equal to the default rate now so really, people who don't pay late are paying the same rate as those who do. Its more than a little insane.

  4. whitestripe Says:
    November 10th, 2009 at 02:53 am 1257821590
    1257821590

    I have no idea what our credit card interest rates are, but I do remember noticing earlier this year that they had lowered one of them. can't remember which one though... Smile

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