Credit Card Bait & Switch

If Chase is having serious financial difficulties, given their history and parentage -- the ball game is over.

 

It is not just Chase. I have a Home Depot card that I used seven years ago when renovating a house. Has not had a balance on it in 6 1/2 years. Of course I get a monthly statement showing I don't owe anything. I looked at the last statement and there is a disclosure saying the interest rate is going up to 26.99%.

It doesn't matter to me but what about the poor bastards who financed their new kitchen on the HD card?

The bank behind the card is Citi.

 

It says there is never a good reason to close an account. I call bullshit.

When they start charging $20 a month to use the card because you never use it, that is as good of a reason as any. I'll take my chance closing accounts every five years or so when I am done with them.

I had my first credit card for five years. Cancelled it and the bank warned my credit score would be hurt. I didn't let them scare me into keeping it. I closed it, and opened a new credit card that paid dividends. I've had it for two years and my score has gone up in each year since I have had it.

So maybe you do lose some points when you close a card. But what's two or three points if you already have outstanding credit? To me its worth getting rid of the card and losing risk of losing the card, or having someone steal your identity and getting screwed.