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Fuck you, Visa

I am not a happy camper.

I came home to a notice from 1st National Bank that the APR on my WoW Visa is jumping from 13% to 20%, and my only options are to either get bent, or to refuse the increase and close the account.

I WANT A THIRD OPTION!

I've been through this before, and was allowed to go back to 13% as a 'one time exception'.

I have over $3,000 in there, which I'm trying to pay off. I'm not even using the card except when I can go home and pay what I've used before the billing cycle, all in an effort to keep the payment going down each month. It's already around $75 a month. Those who know my situation know this is a substantial amount. With this, it'll jump up to $100 easily.

I could close the account, but that'd mean just having the Master Card for emergencies, and I'm not entirely comfortable with that. Also, I was trying to use it to work on my credit score a little bit by increasing the available credit vs. balance ratio. If I close it, that goes down the tubes. Also, WoW points... not that I'm making many of those right now, but eventually I was hoping to pay it off and just use it to rack up the points.

On the other hand, I did get a slight raise, and I did knock down most of the balance on the Master Card... so I could stretch to the $100 payments and stay pretty much at the same level, lifewise. I was hoping to put the difference into savings, but guess that's not to be. Not if I keep the card around, anyway.

I think... I should read the back of the Hitchhiker's Guide to the Galaxy and not panic. I can always cancel the card if the payments get too much.

Jumper 1 doesn't need those wiperblades that badly... does he? Nah, as long as it doesn't rain we'll be fine.

Comments

( 5 comments — Leave a comment )
chennpug
Apr. 2nd, 2009 02:29 am (UTC)
Can you do a balance transfer to another card? Then close that account with Visa, and open up a different credit card in protest. Or at least, tell them that's what you're going to do if they don't keep your interest rate where it is. Usually, the balance transfer gives you a 6-month period of lower interest rate, where you could make good progress on getting the balance down. Check what the interest rate will be once that trial period is over; sometimes they'll automatically jump up to the highest possible interest rate by default. If you arrange it beforehand with the new credit card company, you might be able to get them to keep it something reasonable, especially if you tell them you chose them because Visa tried to screw you over with interest rates.

That said, what is their reason for upping your rate? Did you pay late? It only takes once, and then they swoop in like freaking vultures. Good luck, man.
elven_wolf
Apr. 2nd, 2009 02:34 am (UTC)
I'm never late with anything. I got that from my grandparents. I'll wait to get food if I have to, but I'll pay all my bills on time.

Originally they upped it because the 'special introductory rate period' 'expired'. Fiddlesticks.

Now, I have to reread the letter but I think it's the same BS.

I don't have another card that will fit. I don't want to get a new card. Blah. I have to think about it.
chennpug
Apr. 2nd, 2009 03:36 am (UTC)
It's an option, anyway. Maybe not a fun or good option, but.
faithchan
Apr. 2nd, 2009 12:03 pm (UTC)
Capital One just did the same thing to me on my card, but I had had the card for about five years. It's the economy more than the person, I think. This could be different, of course. *shrug* I just canceled the card, though, since I never used it.
elven_wolf
Apr. 2nd, 2009 12:35 pm (UTC)
Using the economy as an excuse is bullshit, though (and they did, right on the letter they sent me). I should cancel it just on general principle.
( 5 comments — Leave a comment )

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