0% balance transfer on a credit card?

[Peggysue]

man do i need help... credit card was at 2% apr.... no problem, now jumped to 12% when i called they said somethin to the effect of keepin up with national average etc........

I am a mom who works a few hrs a day and cannot afford this..... my credit rating is 750, when i asked them for help on this they said they can only lower my bill monthly by 5.00.... im ready to file bankruptcy.... unless i can transfer this acct to a lower credit card ... please help.......

[LinuxChick]

http://www.youtube.com/watch?v=jGC1mCS4OVo

You can get some advice there. Ann also posted a follow up video stating that the
bank (due to all the bad publicity no doubt) got back to her and was willing to negotiate.

I think it's outrageous that with such a high credit rating they weren't willing to work with
you. Join the revolt and tell them you'll be closing your account and taking your money
to a credit union. Credit unions also have much better interest rates.

Bankruptcy has a few advantages but it should be a last resort. Suze Orman gives great financial advice in her books which can be obtained free at any public library.

[stufine]

you have the option to close and pay it off at the 2%. ill guess you didnt read the letter that came before they changed the rate?

dont forget the new bankruptcy laws will make you pay monthly payments for a few years.

[dhc014]

Quote from stufine : you have the option to close and pay it off at the 2%. ill guess you didnt read the letter that came before they changed the rate?

Yep, I recently got a letter for my Best Buy credit card telling me that the rate would be changing to a variable rate. I have the option of rejecting this change and closing my account and paying the remaining balance off at the current rate. Hopefully you still have this option.

I'm no expert, but I've never heard of a credit card with a 2% rate. 12% is considered low.

Maybe you can do a balance transfer to another card with a 0% introductory APR for 6 months or a year to give you some time to save up or find another option. There will likely be balance transfer fees though.

[kshef]

Capital One has no transfer fees for customers....with a 750 you should qualify for a low rate card

CC companies cannot continue to operate this way...good luck

[kirvs]

My Capital One Platinum Visa that we have had for 10+ years jumped from 5.9% to 15.9%. Ridiculous!!!!

My husband called them last night and they were not willing to negotiate a lower rate. Our credit score is 826. We are paying off the balance and canceling the card!

[arash]

Quote from kirvs : My Capital One Platinum Visa that we have had for 10+ years jumped from 5.9% to 15.9%. Ridiculous!!!! My husband called them last night and they were not willing to negotiate a lower rate. Our credit score is 826. We are paying off the balance and canceling the card!

I wouldn't cancel a 10+ year CC. That will reduce your score. Just pay off the balance.

[kirvs]

Someone else mentioned to me that it would affect our credit score. Hubby and I just paid the balance off. I have decided to keep it since we have automatic payments set up with Direct TV.

I'm just so discussed that credit card company's are doing this!

[j_hig]

http://slickdeals.net/forums/show...&t=1579919
The US Bank credit card on here might still be 0% for one year. The Citi card one doesn't work though as they give you different terms when they mail the card (bait and switch). Of course this only delays the issue, but could work great if you're carrying a balance anyway and remember to look again in a year.