I posted a while back about looking for lower APR rates, and in the meantime, made the decision to get rid of my Optima Delta Sky Miles card, because I never fly Delta (I'm scared!) and didn't think I really needed an extra card (I have a Visa and Amex personal card).Anyway, this is the second time I have tried (yes, I am weak) but they have some seriously hard-core (but extremely pleasant)people who will just NOT let you cancel. What I hadn't thought of last time was to ask them to reduce my APR -- which I just found out was Prime + 8%. When I asked, they gave me 7.9% for 12 months on new purchases only (and as long as I was not late on either Amex card payments) then after 12 months it is a Fixed rate of Prime plus 4%. And they upgraded me to a Gold Card (actually, I don't even know what the extra benefits are, but I will find out).Other good thing is that the card was free since I already pay for the Amex, and all charges on the Optima get posted to my Amex miles account.I figured that I will try it for one year, paying it off monthly, and see what advantages I might get. Does anyone have any feedback on this offer? Or have I been taken around the block?
I can't imagine not being able to cancel a credit card, I think I'd rather enjoy the resistance. The newspaper is always recommending low rate cards from Clinton's home state, or thereabouts. Read up on the CitiBank horror stories, about people who are less than A1, or a little late. They're probably staffed by former IRS agents. Sleep in coffins and wear black capes.
Ilnana wrote-:<<I figured that I will try it for one year, paying it off monthly, and see what advantages I might get. Does anyone have any feedback on this offer? Or have I been taken around the block?>>Well, it sounds like a good deal, but I've got a couple questions.1. So, why do you continue to keep both the Optima and the Amex Gold card? Having carried an Amex Gold, I know what the benefits are. End-of-year itemized tax statement; Extended warranty protection of purchases; Increased insurance coverages, etc. But, what about the annual fee??2. More importantly. Did you get all that in writing??Personally, I think the Foolish thing to do would be to eliminate the Optima, since you indicate you'd continue to pay them off monthly!Good luck, and fool on!Pete
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