Today’s mail had a nice surprise for me.
If you recall, I was a little upset about Credit Card #6. They were charging me finance charges on a $14.00 purchase. I decided then and there it was the next target to pay – but I was being emotional and I’ve calmed down since them.
I received a new “Notice of Change in Terms” sheet (if you ever get those…trust me, read through them). Within their little notice, they state that if for some reason, the balance is not paid in full by the time my zero percent interest rate expires, “…finance charges on this balance will be imposed from the date of purchase until the balance is paid in full.” I feel it is very unfair to change terms that greatly from when you first purchase something. I would never get a card that has those terms…but now I have one.
I feel like they got me.
What I am going to do is exercise my right to Opt Out of the changes and have them close the card. That way I can keep the previous terms in tact and pay off my card under the previous agreement. We will lose some of our available credit and our FICO scores will go down as a result – but I really don’t like what they did here. I really don’t like living in fear of the back interest they can hit me with if something should happen.
If I ever consider getting a store credit card again – you all have my permission to leave comments and knock some sense into me 🙂