topic Credit Card Rate Increases in General Credit Topics

Credit Card Rate Increases

Target800cl — Thu, 18 Dec 2008 16:06:58 GMT

I am trying to decide whether or not I should close an account. I have a 20000 limit and the cc company just told me that my rates would increase to 6% or more or I could close the account an continue to pay 5%. I have had this card for over 10 years and have never been late on a payment. I just got a new job where I will be able to pay a lot more (more than %1500 per month) but am unsure about how much the rate will increase and how much will go to interest. I need advice on whether or not I should just cut my ties or se what happens

Re: Credit Card Rate Increases

MidnightVoice — Thu, 18 Dec 2008 16:11:03 GMT

It depends what the balance is. 6% is pretty low for a CC APR nowadays!, and a $20,000 CL is a lot to drop!

Re: Credit Card Rate Increases

Target800cl — Thu, 18 Dec 2008 16:14:04 GMT

The balance is 18000 but I am in the position now to pay at least $1500 monthly. My concern is the CC company said 6% or more. That could be anything.

Re: Credit Card Rate Increases

MidnightVoice — Thu, 18 Dec 2008 16:35:51 GMT

I think they have to tell you the exact new APR. You could ask them