![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
I paid my credit card bill today, and in with the bill was a slip of paper saying that my APR would be raised from 12.99% to 17.98% "based in part on information obtained from the Equifax consumer reporting agency." I was shocked. I've never had a late payment on this card, and I don't even use my other card. I haven't had any trouble with my car loan payments. I don't know why or how my credit rating would have changed.
So I called the company, MBNA America. I told the woman who answered the phone that I was surprised to have my interest rate changed because I didn't think I had ever had problems with the card. "I don't think you have either," she said. She looked at my record for a moment. Then she explained that from time to time they review their accounts to make sure that everyone with the same circumstances is being charged the same rate - "but given your longevity as a customer and your payment history, this change will not go into effect for you." "You mean you're canceling the increase?" "Yes, and we'll also give you a 3.7% rate on new balance transfers and cash advances through April." "Oh. Um, thanks."
I have no idea what that was about. If there is some sort of new problem with my credit, why would a mild inquiry on my part produce an immediate drop in the interest rate? I mean, I didn't even ask her to lower it. (I would have, of course, if she hadn't offered.)
Part of me is wondering if their game plan was based on hoping I wouldn't notice, or wouldn't question it. I already think this company is kind of sleazy based on their relentless push to have me make cash advances. They keep sending me "checks" - printed to look exactly like real checks, imprinted with my name and address and a bank name and so forth - which are, of course, linked to my credit rather than my checking account. The accompanying ad copy assures me that if I buy something I can't afford using one of their "checks," no one will have to know that I'm using credit to make the purchase. I always enjoy vigorously tearing those up.
Sheesh. In the time between opening the bill and talking to the woman at MBNA, I had time to get myself thoroughly upset. Not at the extra interest - I don't carry much of a balance and I'm working at paying the card off entirely, so the cash difference is negligible. It's the idea of my credit rating collapsing that gives me the shakes.
So I called the company, MBNA America. I told the woman who answered the phone that I was surprised to have my interest rate changed because I didn't think I had ever had problems with the card. "I don't think you have either," she said. She looked at my record for a moment. Then she explained that from time to time they review their accounts to make sure that everyone with the same circumstances is being charged the same rate - "but given your longevity as a customer and your payment history, this change will not go into effect for you." "You mean you're canceling the increase?" "Yes, and we'll also give you a 3.7% rate on new balance transfers and cash advances through April." "Oh. Um, thanks."
I have no idea what that was about. If there is some sort of new problem with my credit, why would a mild inquiry on my part produce an immediate drop in the interest rate? I mean, I didn't even ask her to lower it. (I would have, of course, if she hadn't offered.)
Part of me is wondering if their game plan was based on hoping I wouldn't notice, or wouldn't question it. I already think this company is kind of sleazy based on their relentless push to have me make cash advances. They keep sending me "checks" - printed to look exactly like real checks, imprinted with my name and address and a bank name and so forth - which are, of course, linked to my credit rather than my checking account. The accompanying ad copy assures me that if I buy something I can't afford using one of their "checks," no one will have to know that I'm using credit to make the purchase. I always enjoy vigorously tearing those up.
Sheesh. In the time between opening the bill and talking to the woman at MBNA, I had time to get myself thoroughly upset. Not at the extra interest - I don't carry much of a balance and I'm working at paying the card off entirely, so the cash difference is negligible. It's the idea of my credit rating collapsing that gives me the shakes.
