JW Vs The 30.24% Interest Rate Offer

Ok, from the beginning I will admit that I don’t always get along with Banks, but this really frosts me.

I get my credit card statement in the mail and happen to look at the current interest rate being charged … 30.24 %!

“You’ve got to be kidding me,” I said not just to myself but anyone in reasonable earshot.

Naturally, I grabbed the phone (hitting the speaker button because I knew I would be on hold for awhile) and settled in for another confrontation with my credit card company.

“30.24%,” the voice from the other end of the phone finally mused after keeping me on hold for the obligatory 10 minutes. “Well, you have been a good customer for over 20 years, I can probably get that down a little for you… how about 9.25%?” the voice suggested quickly adding, “And I can take off your annual fee, how about that?” as if I wouldn’t agree.

Great I told her but how did it get that high in the first placed? “I asked.

“Must be because rates have risen since you opened the account,” she offered clearly not having a clue but clearly giving me a great rate.

The conversation ended and so did the story except for me to remind each and ever person… check the interest rate on your statement every month. Why they raised my rate, who knows, but they did and they did it I am sure based on what the little rate book they sent me that none of us ever read. Check your statement or you may be paying for that nice shirt or blouse your purchased for a very long time because trust me, at 30% paying the minimum amount every month it takes a very long time to pay down your charge.

This is a simple little idea that all of us can do to save money and keep more out of the coffers of the credit card companies.