No. of Recommendations: 1
I am getting close to the 30 day cutoff for notifying them I refuse the new terms, though...

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What are they going to do if you notify them that you refuse the new terms? Cancel your account? I got a notice like this from Discover last year (it actually said that if you called within their timeframe and refused they would cancel your account). So I just ignored it. I figured they would use a 'cancelled by credit grantor' note on my credit report instead of 'cancelled at consumer request'. I've always heard with reference to credit reports that if I cancel the card, it's better than if they cancel the card. (This is hearsay only, if you're out there and you know the truth, please respond if what I've heard is inaccurate.)

I think these kind of notices give you two real options:

1) Call and see if they would exclude you from this interest rate increase for whatever reasons before the 30 days is up. (I didn't try this with discover because I was going to use option 2 below after receiving a notice like that. Has anybody out there had any experience with this?) If they won't keep your interest rate where it is or lower it, tell them O.K. please leave the card active -- then use option 2.

2) Cancel the card yourself -- in your own timeframe and not their 30 days. Especially if you've got a zero balance. And, you can do this after trying option 1 above within the 30 days.

BTW, I didn't cancel discover. It had a zero balance and I got some good balance transfer options (not 23.99 percent) which I've utilized in my total debt reduction plan. A side note about balance transfer offers on your existing cards -- if they are sending you offers for 9.9 that end in August, they've usually got a 7.9 that ends in October available. Or in my case last year they were sending me 7.9 and they actually had a longer period 2.9 available when I called. So always call and check for a better offer rather than just using the 'convenience' checks they send you.

Sorry about the length of this post...
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