Credit Card and Evil Introductory Rate APRs

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One step forward and three steps back. I was just reading an article on Yahoo Finance called “Five Steps for Ditching Credit Card Debt“in which the David Bach outlines a strategy for determining which credit cards to pay off first. I decided to update my spreadsheet and follow his exercise which involves taking balance and dividing it by the minimum payment due. In doing this I noticed two things (1) my credit card statements don’t list a minimum due and (2) an extremely HIGH finance charge on my Amex Blue account. Geez. Credit card companies are evil.

I am now on hold with American Express. I just learned that I must have paid one or two of my payments late and our interest rate has shot up from 4% to 30.25%. I can’t believe this. Noma is going to have a coronary. We’ve been trying to stay on top of things and yet it seems that our payments must have been marked late and that the interest rate shot up insanely based on this.

I feel like I’ve been raped by American Express. I tried to ask them to let me rectify this but they’ve said that I need to wait 1 year of paying ontime before they will reduce the rate again. Did I mention that I hate credit card companies?

The woman on the phone just came back and gave me secret information. My minimum payment due each month is $317.79. I need to set this up for automatic payment NOW.

I feel like an idiot. So much for having transferred our balance. Now I need to look into whether or not we can transfer it again to another card w/out damaging our credit.

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