Well folks I have to say goodbye to another credit card. I got a letter in the mail today that said the lovely people at Discover card decided I was not paying them enough in interest.
You remember this was the card that was previously at 25.9% APR right? Well I just got the rate reduced to 20.9% in January so I was feeling good about that. Then I got to do some balance transfers at 5.9% so I was feeling even better.
Then the letter today says they are
jacking up increasing the rate to 27.9% effective April 1st this year. Wow! Lots of notice.
If I choose not to accept the change in terms then I can have the account closed and terminate any further purchases and balance transfers. I will have to pay down the card monthly and when the balance reaches zero then the card will be closed.
This sounds familiar right? A lot like what happened with Capital One a few days ago. I am happy in a way because this forces me not to put anything else on the cards….but come on. What is this all about?
Do the same people work for Capital One and Discover? Just joking.
And to sweeten the deal Discover says you have to WRITE them a letter explaining why you are ‘opting out’ of the ‘account amendments’.
Hmmmmmmm. Why? Because I do not want to pay more interest?