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Credit Cards Suck [Jun. 2nd, 2004|03:13 pm]
Yes folks this one is my fault. I'm paying for some stupid mistakes that I made a few years ago. But I've always made my payments on time and have never been late. So imagine my surprise when I opened my credit card bill yesterday to find out that my APR on my one card was increased to 24.99% for purchases.
My reaction was "No Way", and proceeded to call the customer service line today.

Me: Hi, I was wondering if you could explain why my APR jumped up over 10 percentage points in the last month, considering I have never been late with a payment in over 10 years.

CSR: I'm sorry Sir, but it looks like we ran a credit check on you last month. We see that you recently purchased a house. Congratulations

Me: Thanks.. but back to the APR

CSR: Well, Mr Saylor, your credit report shows that you are at a substantial risk now that you purchased the house. Since you are now at a greater risk of defaulting on your credit card bill, we have increased the APR amount.

Me: But I have never been late and have always paid more than the minimum amount due

CSR: Well, Mr Saylor, your APR has nothing to do with your payments being on time. It is based on risk of default.

Me: Ok. that just means that I will never use this card again for purchases and will pay it off as soon as I can

CSR: Mr Saylor, we here at Bank One value your business. I see that you have been a customer of ours since 1993. What can I do to keep you as a customer?

Me: How about moving my APR back to where it was?

CSR: I'm sorry My Saylor, I cannot do that.

Me: Guess you wont have me as a customer for long then. Goodbye

So what am I doing now? Looking at my finances, trying to figure out a way to pay off this credit card sooner. I guess I'm just frustrated in that I've been working so hard to get myself out of debt and to pay off this credit card. and my reward for this.. a higher interest rate.

On a good note: Dad found out last night that he has been accepted into the management training program at work. I know he was really wanting to get into the program. He used to be a trainer for the company and actually trained new managers for the branches. After 9/11, he was laid off due to corporate downsizing. He was rehired in January 2002, as an assistant manager for a branch in Cleveland. When he moved here to Dallas, in April 2002, he was able to transfer in as an assistant manager for the store in Frisco. He had tried to get into the program last fall, but wasnt approved for it because his District manager was new and didnt feel comfortable recommending anyone to the program that he wasnt familiar with.
Two drawbacks that Dad and I talked about last night.
1. Once he completes the program, he can be assigned to any branch in the region. His current region stretches to Tyler, TX
2. We may have to cancel our plans to attend Inferno in September because Dad may not be able to get the time off. The training program lasts until November.

I'm still waiting to hear if they have made a decision on making me a director here at the call center. but they said that decision wouldnt be made until September at the earliest. At the beginning of the year, the possibility was looking good, but his boss decided to add a few more things to our P&L statement that we previously werent responsible for. So now, its going to be tough to create the position for me. if it doesnt happen, I think I'm gonna start looking for a new job, once Dad completes his training program in November.

anyways.. time to head home and relax for the day.