Nothing Lasts Forever

For the last several years, I've enjoyed the benefit of a low fixed rate on my primary credit card, affectionately referred to here as The Beast.

Come May 1, though, that all changes. Alas, I was notified today that my low fixed rate will become a higher variable rate -- a rate that's almost double what I've been paying.

I am not happy about it, but I'm not surprised. Given the state of the economy and banks' need for cash, they're raising rates. It's just a fact of doing business. Lucky for me, the rate will apply to balance transfers (which I won't make), cash advances (which I never use), and new purchases. I had been using it for purchases, buying stuff with the card for the points and then paying it off immediately. But not anymore.

I'm disappointed, but this gives me incentive not to use that card. Rather, I'll just concentrate on paying it off. Like I said in my last post: If I'm not willing to pay cash for something, I don't need to buy it.

And so ends what's been a great relationship with that bank. It's time to break up.