Friday, February 06, 2009

Credit Card Crunch!

I have a Citi Aadvantage card that I use for business. I only put my business purchases on it. I like it because I get the miles / points for using the card. Recently, I was going over my statement and noticed a little flier that came with my statement. Even though I have been using this card for seven years and have never missed a payment my rate was suddenly going to be changed to prime-rate plus 10.99% - roughly 19.99% as of today.

WTF? Are you kidding me? Apparently they are doing this to everyone. So I called them. I was calm and courteous, and they dropped my rate all the way down to 10%, which is even lower than my existing rate.

I’ve heard a lot of credit cards are doing this, so you might want to check your statements and all the extra junk they put in your statement. Give ‘em a ring, be nice and see what happens!

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