I would send them a thanks but no thanks for the opportunity to pay 17% interest.
IMO, anything over about 12% is userous. When it gets up about 29%, they should be locking people up and throwing away the key.
We recently paid off our Chase Amazon credit card, and today we got the first bill with the zero balance. Guess what it said our effective annual percentage rate was:
74.09%!!!!!!
I’m not kidding. So we called them right up and closed the account, which was the reason we paid it off anyway, because the month before, they had raised it to 34%.
We also got a bump in the interest rate on our Citicard, to an effective rate of 15%, so we’re going to shut that one off too as soon as we pay it off with a line of credit from the credit union. We’ve never missed a payment on that one in over 10 years. It’s our American Airlines mileage card, and we’re shutting it off. Will they take 2/3s if we offer only that much?