As I was browsing through the credit card forums, I came upon a question from one credit card owner who stood up for her rights against the credit card companies – and good for her, I say!
That’s just bull****! That’s taking it way too far, in my opinion. How could a credit card company punish someone for being a good customer?
Well, this lady felt the same way. As a result, she called the credit card company and threatened to close her account if they raised her interest rate. Needless to say, the credit card company left her rate alone.
Let this story be a lesson to all of you reading this blog. First of all, make sure you read those little disclosure notices that get slipped in with your bills. Too many cardholders throw those away without bothering to read them. Luckily, this lady read her insert and discovered this plan to raise her interest rate.
Second, don’t shrug your shoulders and just accept an interest rate increase. Sure, this lady was paying off her credit card in full each month, so the interest rate may not matter. But, there is always the chance that she might have to carry a balance for some reason or another. When and if that time comes, she certainly wants to have a lower interest rate in place so she doesn’t have to pay as much in finance charges. (By the way, this is exactly what the credit card company is hoping for and is why they wanted to raise her interest rate in the first place – so they can make some cash off of a customer that otherwise isn’t bringing money in to the company).
Remember, you are the customer and you have a great deal of power. There are hundreds of credit cards out there. If you have good credit, there is no reason for you to accept being taken advantage of by a credit card company. If the company isn’t willing to make you happy, find a company that will.
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