From all the hubbub I’ve read in the news lately about credit cards being closed, rates skyrocketing, and limits being cut, we have yet to be affected by any of these issues until today.
I received a small pamphlet in the mail from Chase that looked like a privacy disclosure and was written in credit speak-aka legalese. It said in 1 month our rate will raise 4%! We have the option of writing Chase a letter and keeping our rate at the current % and closing our account.
I am completely frustrated by this, as a loyal and paying customer.
We are carrying a balance on the card, and it will take me 2-3 months to pay it off.
My options are:
1) close the account, pay of the balance ASAP
2) keep the account open, accept the terms, pay off the balance ASAP
What would you do? Have you encountered any issues with your credit cards in recent months?