We all know that the credit card companies are IDIOTS! In fact, I'd go so far as to say that they're managed by complete morons. I've posted before how I received notices from Capital One and Chase that they were raising my interest rates to some RIDICULOUS rate (like 22+%), even though I'm certainly one of their best customers (never missed a payment, credit score of 782, etc).

I acquired almost all my credit card debt as I was rapidly growing my rental property business. I used the credit cards for rehabs and even to buy a couple of properties. So, as of a couple months ago, I had five credit cards, all with significant balances. They had interest rates from 12.99% to 16.99%, which was already relatively high considering my credit score and payment history. When I, along with millions of other card holders, received their notice that my interest rate was going to more than 22% on four of these cards (2 Capital One and 2 Chase cards), I called the credit card companies to request a lower rate. They said that there was nothing they could do about the rates.

Therefore, I simply paid all four credit cards off with cash, leaving one National City Card with a balance on it and a 16.99% interest rate. I resolved to pay it off also over the next few months.

Then, a few days ago, I got a letter from Capital One with convenience checks with ZERO PERCENT INTEREST. A couple of days ago, I got a letter from Chase with convenience checks, also with ZERO PERCENT INTEREST! WHAT A BUNCH OF MORONS! If they had lowered my interest rate to something reasonable, I probably wouldn't have paid off those cards. Now that I have paid them off, they are willing to give me ZERO PERCENT INTEREST for the next year.

So, I did the only reasonable thing. I used one of the convenience checks with ZERO PERCENT INTEREST and paid off my one remaining credit card with 16% interest. I'll pay that card off over the next few months without paying any interest and then I'll be credit card debt free. It is absolutely no wonder that these banks and credit card companies are in such bad shape. They won't give their best customers a reasonable rate, but they will give them a ZERO PERCENT RATE!!! IDIOTS!

Mike