Last New Years I had an emergency and charged 3500 dollars on my zero balance Fleet card I save for emergencies. I do not use cards for anything but emergencies.
In May I recieved an offer from another card company for a lower interest rate and 0% interest on all balance transfers. So I figured I would save a few bucks and transfer some of my balance.
A month after I did, I recieved a notice from Fleet that they were raising my interest from 9.9% to over 21% because they "looked at my credit record and I have a card too close to its limit so I was a credit risk to them".
I still had 2000 dollars left on my Fleet card limit at the time. The only charge on my new second card was the balance transfer.
I had this conversation with Fleet just last week, end of December. I have paid well over my minimum payment to BOTH credit card companies always, and since last May both balances have dropped yet Fleet STILL refuses to lower my interest back down.
HOWEVER, get this. They would offer me a 1.9% interest rate to balance transfer my balance back.
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