Closed one card in its entirety today, lowered the interest rate on one of the remaining ones, and removed a third one from my wallet.
I called the large servicer of my two main cards to dump the low-limit ($700) bank-I’m-not-with-any-more visa I had with them. Since I no longer have an account at said bank, it’s not needed for overdraft protection, and I don’t have particularly fond memories of the bank anyway, so Die, Die, Die. It was my oldest credit card, which is supposedly worth keeping on the report, but screw it, I was simply ready (emotionally) to get rid of the thing. It had been the little credit card I started with, waaaay back under a previous bank, and it had been one of the most reasonable ones for making payments and interest rates and what not, but as soon as previous and not-with-any-more merged, not-with-any-more farmed out their card serving to the large servicer instead of handling it in-house, and the servicer promptly jacked up the interest rate on the card. Jerks.
They did get rid of the card, but in a sneaky way. The servicer merged the credit limit into the other visa I have with them (upping it by the aforementioned $700), and somehow merged the accounts so that the remaining visa now looks like it’s the old one, to keep the “cardholder since” longevity. Whatever. So long as a card died today, I’m happy. The old one is now tacked to my bulletin board, along with the other ones I’ve paid off.
Oh, and the servicer was so happy with me for completely paying off the cards that they lowered the interest rate on the remaining card to their lowest available one. One that is less than half what I had on the card a year ago, and is actually lower than the original rate I’d had waaay back when under the previous bank. Wunderbar.
DiscoverCard™, on the other hand, did not want to play when I called about an interest rate deduction. Instead of processing a rate reduction over the phone, as they’ve done the past 3-4 times I’ve talked to them., they’re sending me paperwork to fill out (!!!!!) to request a rate decrease from the current one, which is also now somehow a floating prime+ rate instead of the fixed rate I’ve always had with them. So that got the card removed from the wallet so it won’t be used. Don’t want to play nice, I don’t have to give you any business - no transaction fees for you! Meh. Not like their “cash back” rates are any good anyway, unless you’re participating in one of their specials. AmEx has better return rates (on paper, at least).
And at this point, it’s “who can give me the most for giving them the business” when it comes to cards. I’m going to try AmEx once their new card arrives and see how I like them. I’ve heard very good things about them, and I like the options available on their web site (payments can be made every 2-3 days, not every 8 [!!!], nor do you have to “schedule” payments several days in advance before they credit to the account), so we’ll see how that works. No more carry-over balances for this man, that’s for sure.
Is much happier to be in this position than the one I was in a year ago, owing out the whazoo and begging for rate reductions to get rid of balances faster, and not seeing any end in site to the debt. I still have a good chunk of debt (student loans - oy!), but there’s an end in sight, and I’m in a much better position to actually be able to plan for things like, say, buying a place of my own now, rather than simply spending all my money and psychic energy dealing with existing debt. Definitely a happier place to be.
