Posts Tagged "money"
Giving credit when credit’s due…but not to me
So remember how Bank of America wanted to raise my rate? Well I finally was able to track someone down and was pretty much told that the best they can do is that 5% point increase, which is about 0.75% less then what the letter told me it would be. They reason because I rarely carry a balance and have been way super responsible with my credit the increase shouldn’t affect me too much.
And because I rarely carry a balance and have been way super responsible with my credit I pretty much have no recourse outside of closing my account, which I really don’t want to do because 1] it’s gonna negatively affect my credit score which is too fantastic to risk and 2] I searched around on Tuesday and really didn’t find too much in terms of options. There were a couple of banks but I’m not too familiar with them and just couldn’t pull the trigger on a switch. But most of them were offering those joke introductory low rates before raising them to whatever it they felt was a reasonable variable rate. I’m not interested in that.
In the end it came down to accept it or lose my card and because the APR on my other rewards card is an astronomical 14% [which I tried, unsuccessfully, to have reduced – but was told this was standard for rewards cards] I needed a second, lower-rate card for my bigger purchases in the event that I’d need to carry a balance. And that other card has tenure because it was my very first credit card that established my credit history and I can’t kill that. That’ll hurt me more than anything by shortening my history.
The credit jerks.
So I’m stuck with my credit card. Best believe that I’ll be back on the phone in a few months for another attempt at reducing the APR. Until then I’ll be watching my balance very closely.
Oh, so it’ll be just like every other month.
Nothing new here folks, keep it moving.
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