Credit Cards

[dee]

So I did opt out of my Citi card this a.m.  I called my other CC companies to ask about their 'so called' deals to transfer my citi to their companies, but they have fees, so I decided they were getting more money from me too, so after calling Citi and finally talking w/an English speaking supervisor, she said I only had the two options...keep high rate and keep card, or of course cancel card and keep lower rate.  She was nice and talkative, so we chatted about the whole change going on and she said to beware, all CC companies are in the process of doing this, and that taking offers right now are risky, and I agree.  There are LendingClubs out there, so I may look into those to help reduce this ASAP.  I will also cut back and just get it paid off.  Even though I cancelled a CC card, I don't think my credit score will be effected enough to worry about it.  That really was my concern, but to pay someone 29.9 percent will hurt even more, so good-bye to Citi!! 

[pattycake]

If I get the notice, I will BT the balance (at only $1K right now) to Chase for a fixed 3.9%.  I will leave my Citi card open, though, because I need the TL to keep my credit score up.  

I'm of the current president's political party, but I have to say that every move the Dems make to "help" the consumer ends up backfiring.  Congress really needs to do its research before passing these kinds of measures.  People are never going to be able to pay off their bills with a doubling of an interest rate, closing their accounts will kill credit scores, and in the meantime creditors are raising standards.  It's a vicious circle, I tell you.   

[dee]

I agree.  I think they thought they were helping the consumers, but yes, it has backfired.