I do not trust my credit card company
My credit card company sent me an email offering me a deal. If I pay $150 a month between now and January I can get a $100 statement credit within 2-3 billing cycles. In the fine print I noticed that it said I can also pay $900 as a lump sum instead of making a higher payment. At the very end of the fine print it also said that I agree not to use my card at all until after the six months are over.
This is the same company that closed my card at the beginning of the year and I had to fight with them to get it re-opened. They did re-open the account but they slashed my credit line, naturally. I think they want people to pay down their balances and then they’re going to slash credit lines again. I know it happened last year with a different company. They basically had the same offer, with a few minor details changed. Within 3 months of completing their agreements, I heard a ton of people complain that their limits were cut or their accounts closed all together.
I’m not sure if I want to get in on this deal or concentrate on paying down one of my other cards. I’m not worried about my credit union pulling this same stunt but my limit is much lower than the big bank card. I guess what I’ll do is pay down the credit union card and beef up the savings some more.
If big bank then decides to close my card, at least I’ll have some money in reserves.