@Anonymous wrote:Hi All-
I've got a Citi card with a 30,000 limit. I maintain a very low balance. I received a letter from Citi today raising my rate to 20.99%. The account has been open since 1999, never a late payment and my FICO is in the high 700s. My question is if I cancel the card will that have a negative impact on my credit score?
Many thanks!
Welcome to the forums.
Goodness why would you cancel a card with a 10 year old history? If you pay off the current balance as quickly as possible, use it every few months to keep it active, and always pay in full in the future it won't matter what the interest rate is. I know all about rates being jacked. My Citi card went from 7.9% to 24.99% well over a year ago. I've kept it open and haven't paid a penny in finance charges since then.
Think long and hard before you close this. Or transfer it over to me??????? 
(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".