I decided not to accept the increase in the interest rate on my Capital One Card. This means that beginning 60 days from today I will no longer be able to do any balance transfers to this card. I will also not be able to charge anything to it and will have to cancel any recurring bills that I have paid with this card.
I will be able to keep my current interest rate on the card and pay off the balance monthly as I have been doing. The thing Capital One say is that when the balance reaches zero the card will be automatically closed off by them.
Oh well. I know that having a card closed will lower my credit score a bit…but by the time I finally get that card down to zero that will not be an issue. Right now I am more interested in not paying any more money in interest than I am already paying right now.
I am a bit upset that this had to happen because I really liked that card….and it was my lowest interest rate card but I will just have to get rid of it or pay a higher interest rate…which I am not willing to do right now.
I am more concerned with getting all of this debt paid off. I do not have any intentions of applying for any more new credit right now….already have a car payment and I do not see myself buying a house any time soon.
I guess I will miss this card but I already have too many cards….I think 5 should be my maximum so in a way this is a blessing. So here I am taking a deep breath and getting ready to just pay, pay, pay and not add any charges to anything else.