Just a heads up to all you guys at Active Rain. I have a terrible habit of never opening m
y mail, especially since I do all my banking and bill paying on-line.
On checking the pile of mail I got (I only check it about twice a month), I noticed a really skinny envelope from South Dakota. I never open these things - someone probably wanted to sell me life insurance or something, but this time I opened the letter.
This nondescript envelope WITHOUT A LOGO that looked suspiciously enough like junk mail contained a notice that goes into effect with or without acknowledgement. In effect, my credit card company was going to DOUBLE my interest rate. They offered an opt out program which offered no increase in the current interest rate but upon expiration of the card, (which in my case is March, 2009), the entire balance would have to be paid and the card would be terminated.
I called MasterCard
and talked to a fellow in New Delhi who finally referred me to a supervisor. I was able to negotiate no change in the interest rate on my card with no time limit and a continuation of service. In turn, I surrendered my "rewards points."
The credit crunch has finally hit home in my household. I have excellent credit, an impressive credit line and my debt ratio is < 5% with no late pays. My FICO score is near the top,
Beware! Beware! Beware!
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