closing credit card account when they inform you of rates increase

totallybroke_2

hi everyone!

i just got a letter saying my rate on credit card is going up to 25.95%, the card was 15.9% when i opened it! they have said i have 3 months to close the account and keep at my original rates, i have a few balance transfers on it at 5.9% for the lifetime off the balance. has anyone opted for this with their credit cards and are there any catches?

thanks!

Golden_Anemone

I've done it. A Capital One card where they raised the interest rate so I rang and said I wanted to close the card. They tried to talk me out of it but I said if they wouldn't keep the current rate I'd close it and that's what happened. I'll be finished paying it off in a couple of months. No catches for me but I didn't have any balance transfers on mine. :-)

getzls

Just means you can't use it of course.Before this new rule came in a credit card company, CITI put mine up from 6% to 35% because i had one late payment. I had to go and get a bank loan to clear it, bandits. And to think we are bailing these !!!!!!! crooks out:cool: