Have had the account for 23 years. It was my first credit card.
Carried a balance for the first 8 years. Then did not use it much till 2004.
In 2004 got a convenience check 2.90 % fixed till paid off.
Been paying 125% - 300% of minimum ever since.
Been paying 125% - 150% of minimum for the last year.
In 2005 mailed a payment in late. Payment was credited to the account a little after 3 PM on due date. Their close of business is 2 PM. Anything after 2 PM goes to the next day. Paid the $35 late fee.
Credit limit lowered from $17,000 to $3,950. About 10% above current balance.
The letter had a reason I did understand. I called for an explanation. Now I understand what the letter meant. If you make close to the minimum payment for too long a period apparently you look like a deadbeat.
I ask why did they not just raise the minimum payment. Was informed that "While I was free to make only the minimum payment if I chose to do so for very long they will reduced the limit".
Although they did not say so. The way they said it indicated it would be reduced further. If I continue to make close to the minimum.
I offered to pay it off and cancel the account. Was told that was not necessary.
Now that I know it bothers them I will pay 1 cent over minimum forever.....Cause that is the way I Rooolllllll.. Unless I get a fixed rate lower than 2.90%
Background:
I own my house. It has been paid off since 2006. I own 1 vehicle it has been paid off since 1996. The only debt I have is credit card debt. And the highest interest rate I pay is 3.99% fixed. The lowest is this card @ 2.90%. And one @ 3.25% variable locked to prime.
..
Carried a balance for the first 8 years. Then did not use it much till 2004.
In 2004 got a convenience check 2.90 % fixed till paid off.
Been paying 125% - 300% of minimum ever since.
Been paying 125% - 150% of minimum for the last year.
In 2005 mailed a payment in late. Payment was credited to the account a little after 3 PM on due date. Their close of business is 2 PM. Anything after 2 PM goes to the next day. Paid the $35 late fee.
Credit limit lowered from $17,000 to $3,950. About 10% above current balance.
The letter had a reason I did understand. I called for an explanation. Now I understand what the letter meant. If you make close to the minimum payment for too long a period apparently you look like a deadbeat.
I ask why did they not just raise the minimum payment. Was informed that "While I was free to make only the minimum payment if I chose to do so for very long they will reduced the limit".
Although they did not say so. The way they said it indicated it would be reduced further. If I continue to make close to the minimum.
I offered to pay it off and cancel the account. Was told that was not necessary.
Now that I know it bothers them I will pay 1 cent over minimum forever.....Cause that is the way I Rooolllllll.. Unless I get a fixed rate lower than 2.90%
Background:
I own my house. It has been paid off since 2006. I own 1 vehicle it has been paid off since 1996. The only debt I have is credit card debt. And the highest interest rate I pay is 3.99% fixed. The lowest is this card @ 2.90%. And one @ 3.25% variable locked to prime.
..
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