Anyone who has a Rank of America Card should make sure that they pay very close attention to any mail they receive from them and read this article. While I certainly don't fit into that demographic of Rank of America card holders that that the article mentions, I think what they are doing to customers is dead wrong and I hope that their relationships and bottom line suffer.
Having paid off my Shi*ti Card I decided that it was now time that I focus on my only other piece of revolving credit card debt...my Rank of America Platinum VISA Card.
Balance: $2,697.97
Limit: $3,500.00
Interest Rate: 29.99% (Default; happened under the "Universal Default Clause" after I missed making a payment on my Shi*ti card.)
Minimum Payment: $81.00
As you can see, this card is killing my FICO scores as my utilization is horrible and the interest rate is killing me and my bank account.
The Plan: Starting this Friday, I will pay $400.00 towards my Rank of America Credit Card balance and continue to do this until it is paid off. I have two jobs for the summer and as I have previously mentioned, I get paid weekly. Thus, finances permitting, I will make a minimum payment of $400.00 every month until the card is paid off.
I will continue to update this page with my progress towards paying the card off.
Balance Updates
05/29/08--$2,447.79
06/02/08--$2,347.79
06/17/08--$2, 405.44 (Previous Balance & $57.65 Finance Charge)
06/04/09--$2,120.98
BEN
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