The games that credict cards play

[question everything]

and, yes, that we play. In the past years we took advantage of transferring balances to 0% interest for a limited time. In those days, they did not even charge a fee, at least, not a high one. And, once we got a new card, we would close the old ones. One of them, apparently, was a Citi, that I did not like the interest rate then.

Several months ago Citi told us that one of the card we were using, that we paid in full each month - most of the time - was going to have a minimum of 18.99% finance charge. So we stopped using it but, as I've learned from posts here, will not close the account. Recently we got a letter "offering"us to re open the card that we closed some years back, with a low - 7.99%, I think - finance charge. And I could not help thinking: why can't you lower it on the cards that we already have?

Then there is Chase. Or, perhaps, it was nice while it lasted. Almost three years ago, when I could not get any action from our Home Equity Loan, Chase offered a 3.99% rate for the duration of the loan. It was better than the Home Equity loan, even when factoring the tax benefits. We started with $20K and in January were down to about $11.5K. They apparently sent us a letter - do not remember - that, starting January, they were going to demand a 5% payment and were going to charge $10 every month "service fee. This was a shock. I budgeted $250 payment, not $588. And the $10 fee made the interest rate 5% and growing as the balance would go down.

So I found another loan at 3.99% and paid Chase off. So first, I got a letter - it may have originated before the full payment - that they reserve the right to close an account for lack of activity.

Then, after they did get the payment, I got a note that... they raised the limit of the card!!

And now, I got the last statement saying that they changed their mind about a $10 monthly service charge, so they gave me back $30 and now I have a credit on that account!!

I think that I will use both of them - Citi and Cahse - once a year to purchase gasoline.

Hey, two can play the game, as long as I keep guard on their nefarious activities.

[beyurslf]

1. That sounds like a lot of work. :)

I have one card, use it sparingly, Never really charge any purchases. I have a recurring monthly bill that I charge there and then payoff the same amount every month. I would actually have to look for the card. It is somewhere in the back part of the locked section in the filing cabinet.

[question everything]

2. It is. But when we needed to change the sidings

and the roof and a more efficient gas furnace... the "pleasures" of owning a home.

:hi: