Credit Card Rate Increases

[Target800cl]

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

[MidnightVoice]

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!

[Target800cl]

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.

[MidnightVoice]

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