Yes, you read that right, 24.24%.
Needless to say, it will be paid off by the beginning of this year, due to things I have read on this wonderful blog and working on a mustache of my own. It has been hanging around my neck for sometime due to school expenses.
Now, the biggest question up and coming.... (insert Olympics theme...) What the hell do I do with this card? Would it be ok to cancel it? Because I am wanting to never use this card again and I do not see a use for it. I don't like paying for something I don't use and don't need.
Normally, I know people say keep the card but here's a few of the add-ons:
-Yearly fee of $60
-Been calling them several times to lower interest rate... no luck over the last few years, even tried the going higher routine...
-It's a airline mile card from many years ago... that the miles expire, and I only get a 100 miles a year without any purchases.
-No other benefits to this card
-Limit= $10,200
BEFORE YOU CANCEL THE CARD, call and see if:
1. They have a no-fee version of the card. If they do, you can "downgrade" to the no fee version, while still keeping your credit limit and credit history. Then stick the card in a drawer and forget about it.
2. If they don't have a no-fee version of the card, see if they'll do a "product change" to another of their no-fee cards.
1 and 2 allow you to keep your account, thus keeping your "average age of account" and credit limit, which are both good for your credit score. If they don't work, you have number 3:
3. Tell them that you'd like to close your account because you don't want to pay the fee. They may offer to waive the fee to get you to keep the card. This one is a pain though, because you'll end up calling every year to get the fee waived. You may just want to cancel the card if it comes to this.
These three steps don't preclude you from getting another card that better serves your purposes as well.
Oh, and you should NEVER worry about the interest rate on a credit card. You know why? Because you should NEVER EVER EVER carry a balance from month to month. ALWAYS pay off your ENTIRE bill at the end of EVERY month.
Is that enough caps for you? :-)