Should I OPT-OUT? Of Course

If you receive a notice in the mail from your credit card company, that your interest rate is about to go up, don't just sit there and say ok. Opt-Out.

What does it mean to Opt-Out? When you receive your notice in the mail, the letter gives you the choice to either accept the new higher arbitrary interest rate or to Opt-Out. The bank will tell you that if you choose to Opt-Out, your credit card account will be closed when your account expires. What they don't tell you is that if you do choose to Opt-Out, they would be very happy to send you a letter asking you if you would like to renew your card at the higher interest rate.

Why accept an interest rate 5-8% higher than you are paying right now, if you don't have to? Of course if you want to help the banks like the government is doing, just say yes and they would be more than happy to take your money.