Yup, The Variable Rates Get Ya…

I called my credit card because they raised my rate only a month after getting it lowered. The customer service representative stated that it was due to the prime rate raising. Ok, I understand that.

He took no time at all to try to lure me into a balance transfer offer (because the balance is zero right now on that card). The offer was 4.9% for the life of the balance. Not a bad offer. He tried to hurry me with making a decision because he wasn’t sure how long the offer would last. He even said they would send me a check in the mail and I’d have 90 days to use it for this balance transfer offer. If I decide not to do it I could just rip it up and toss it. And, the best part of all is that they would send me a check for a “little” more than I tell them to make it out for (a little sarcasm there).

Anytime someone hurries me to make a decision, that’s a red flag to just step away and say no. I like to think about things and this customer service rep tried his hardest to get me to say I wanted the check. I finally told him that would think about it and I’ll call back if I’m interested in it and he backed down. If I decide I want it and it expires by the time I call again – so be it. It probaby wasn’t meant to be.

BUT – I bet that check will come in the mail regardless – LOL.

Posted by Tricia on July 24, 2006 at 7:31 PM in Credit Cards | 2 Comments »
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Kim L. responded:
Posted: July 25th, 2006 at 9:42 am
It sounds like a typical credit card company. I’m sure there is a fee too (3% .. min $5 .. max $75) BUT you might want to consider it. It’s been a little while since I have checked out your status, but if it’s fixed for the life of the loan then it could be a really good deal for you. Even with the $75 (potential) fee, you could really save a bunch in interest if you have money that is sitting at above 10%. I am about to do that with my HELOC … move it from 10.375% over to a fixed 4.( and when I I ran the numbers, it was going to save me almost $450 in interest.
Tricia responded:
Posted: July 25th, 2006 at 5:25 pm
Right now my highest interest loan is my Prosper loan at 9.9%. In my listing, I said I wouldn’t pay it off first (to let lenders earn some interest) and I’ll stick to my word. I would save some money by transfering to a 3.9% balance but not too much considering the balance transfer fee.

If it was just another credit card – I probably would take that offer. Or if I had a HELOC I’d think about it too.