budget icon.jpgLast week, I told you all about the results of closing my credit card accounts. Yesterday, I received a letter in the mail from Capital One. If you recall the earlier post, Capital One had told me when I called that since my balance was “so low”, they could not lower my interest rate; therefore, I asked that the account be closed.

Seems that they don’t want me to do that (gee, I wonder why?). So in yesterday’s letter, which they openly admit is an attempt to “win me back”, they have offered to lower my interest rate to 9.9% on purchases and cash advances (it had been 22.65%) and raise my credit limit.

Since the card has been destroyed, raising my credit limit will have zero effect on me. But if they want to only charge me 9.9% while I pay off the card, who am I to argue? I’ll be calling them today to accept their generous offer of a reduced interest rate. Again, when the card is paid off I will close the account anyway. I do pay an annual fee of $19; since this was just billed to me in March, the account will be paid off and closed before this comes up again. This was the deal I was hoping for when I called them last week; I just had to wait a week to get it.