In a letter dated 20 July 2010 Westpac advised me that they're lowering the variable interest rate on new purchases made with my Ignite Mastercard for 6 months. From 28 July 2010 to 27 January 2011 they're offering me an interest rate of only 5.99% p.a. on new purchases.
There are a few disclaimers - doesn't apply to cash advances, doesn't affect balance transfers and I will lose the benefit of any interest free days on all credit purchases where the closing balance is not paid in full by the statement due date each month. Blah blah blah...
I paid off the balance of my credit card on 19 July 2010 (notwithstanding the interest that accrued on my $0 balance). Co-incidence or subtle ploy to have me feel justified to begin spending again? It's almost like they're having a sale - "Interest rates on sale - only 5.99%, save 8.25%!"
Or maybe I'm just getting cynical in my old age.
Same thing happened when I got rid of mine ... they tried to keep me by discounting the interest rate. Perhaps if it had been lower all along I wouldn't have felt the need to get rid of it!
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Love the Blog! Inspirational :)
Thanks jacocoa.
ReplyDeleteI really appreciate the comments and the tip. I've signed up to the free membership section and look forward to seeing their recommendations!