Hold on to your bloomers. The ride is just starting.
I got home from work tonight and checked my mail as I usually do. I got an “Important Notice” from my credit card company, Capital One. I got one from American Express last week too but I just threw it out because I have a zero balance on that card and I rarely use it. Anyway, I get this notice and open it. Click on the picture to read it. It’s amazing.
It goes on to say that I don’t have to accept these terms. I can close my account and pay off my balance with my existing terms, which is exactly what I’d do if I owed them any real money. Fact is, I’ve been paying it off over the last few months because I saw this coming a mile away from the banks. You see, the only way they can recover the bad debt that they lent to losers and people who over extended themselves is by begging the government and hosing their good loyal customers who pay on time every month. So for their bad lending decisions and the idiots who over extended themselves and have stuck them with the bill, this is what the good guys get.
I only owe about $400 more dollars on that account and I’ll pay that this week. I’d close the account but that would be too easy. I intend to use that card about once a month for small purchases. Like, maybe a pack of cigarettes. That’ll make the monthy interest payment so low that it’ll actually cost them more to process the transaction and send me a bill that what they will make on the interest.
What will it really cost them? Pennies???? Sure, but it’ll be my little way of “sticking it to the man”.
By the way, my interest rates before this letter were 6.47% on purchases and 19.80% on cash, so they are basically more than doubling my rate.
A word to the wise. Pay down your debt if you can, and keep a close eye on the percentages on your statements.