Opt-out alarm6 of 14I had a credit card with a high balance. The company informed me that I had two options. I could continue to use the card while the interest rate increased. Or, I could stop using the card and the rate would stay the same until I paid off the balance. I opted out -- stopped using the card and kept the old rate.It seemed easy in principle. But I forgot that more than two years ago, I had used that card to register at Blockbuster; when I forgot to return a movie, they charged the card! My rate went up instantly and now I'm stuck. -- Emily Related Articles:Credit card horror stories7 brainless borrowing behaviors6 smart credit card moves nowFixed rate cards going awayRelated Links:Refinance calculatorSavings goal calculatorWhat is my FICO score?Credit risk test advertisement
I had a credit card with a high balance. The company informed me that I had two options. I could continue to use the card while the interest rate increased. Or, I could stop using the card and the rate would stay the same until I paid off the balance. I opted out -- stopped using the card and kept the old rate.
It seemed easy in principle. But I forgot that more than two years ago, I had used that card to register at Blockbuster; when I forgot to return a movie, they charged the card! My rate went up instantly and now I'm stuck. -- Emily