Re: extortionist interest rates
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Posted by Interested party
(209.62.200.134) on June 13, 2002 at 15:29:57:
In Reply to: extortionist interest rates posted by Jade on June 13, 2002 at 14:05:15:
You are not bound to any card. If you don't want to agree with their terms, pay off any balance on them and cancel the card. It's been my experience that most credit cards do not punish their "valued" customers. More than likely you have made some late payments recently and they are "punishing" you for it. IF it is not a card you want to lose, pay off the balance and don't use it for 6 months. Then call the comapny and negotiate a lower APR. Most card companies will work with customers they do not want to lose. If at the end of the 6 month period, they refuse to lower the APR, simply tell them since you are a "valued customer" and they seem to be unwilling to keep you, you are canceling your card and taking your buisness to another company.
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