Oh boy, searching for a new bank...

I hope this doesn't come across as too much of a rant. I'm actually much calmer about it than I was last week when I received a letter from Fifth Third Bank regarding a credit card account I had with them. The letter came to me on Tuesday, June 30. It had the "Important changes to your credit account" note on the envelope, but I tossed it in the pile of mail to open later. Naturally I forgot to open it that night. I did, however, think of it Wednesday and remembered to open it when I got home from work. More times than not when I get letters like this, they are telling me about changes to terms that really don't affect me, like cash advance rules and such. Much to my surprise, this one was informing me that they were increasing my rate to Prime + 14.99% but never less than 19.99%! Do what now?

A little background... I do have a good amount of revolving debt, I won't deny that. I actually opened this card a few years ago and consolidated a few others with it. It is one of two credit cards that I have that I actually use still and really only when I'm in a pinch for cash for something like dog food and I'm somewhere that doesn't accept AmEx. I generally like to use my American Express card because I have to pay it off every month, so that keeps me from using it excessively. All of the cards I have have been getting paid down for probably 2 years now. I don't even use them, because I've been busy trying to get out of debt once and for all!

Anyway, Fifth Third decided all of the sudden that the couple hundred dollars they already get from me in interest every month was not enough. In a nutshell, they don't like the way I've used my account, my balance is too high and I don't keep enough money in my checking account to suit them. It really infuriates me. They set the limit. I've never gone over that limit. I've never been late on a payment and I always pay at least a few bucks more than the minimum due. I was instructed that I had 7 days to reject the new terms, which would result in my account being closed. Fine by me. Really. It was a little bit odd to me that the 7 days included a 3 day long weekend. As I fired off my rejection letter on Thursday, I wondered how many people would miss their 7 day window and end up paying some ridiculously inflated rate of interest. 

I'm positive I am not alone in this. So anyway, I told them I don't feel it's fair and a whole lot of other stuff in that letter. That I am a good customer, albeit small in comparison to some, I'd imagine. And that up until this point I had recommended them to pretty much everyone I knew. Well that is over now. Now I have to find a new home for my checking accounts, mostly because I told them I would. lol. I am not really looking forward to that.

Here's some advice from my dad that I really wish I'd have taken to heart sooner: Pay as you go and you'll never owe.