Sometimes it is important to stand your ground and not let the system rob you!

This guy explains what happened when a credit card company tried to double his interest rate.

He was really upset by this and tried to get them to make an exception. When they wouldn’t, he found another workaround that he found very satisfying.

Check out what happened!

So you will close my account if I don’t agree to pay higher interest rates? Ok.

So this was back during the 2008 government mortgage crisis.

Had great credit, a great job, and multiple credit cards I used to manage the different properties I owned, a personal card, gas cards, etc.

This is where it gets bad!

So one day I get a letter from a credit card company that rhymes with Apital Pank saying that they unilaterally were raising my rates from 13.99% annually to 27% annually.

If I wanted to keep my card (something many people during the crisis needed to do to survive) I had to agree to the new rate, otherwise they would close my account, I would not be able to make any more charges on the card, and I would have to continue making monthly payments at my current interest rate until the card was paid off.

He knew he was clear on his dues…

Of course I had done nothing wrong credit-wise to deserve this treatment from my credit card company (almost doubling of my interest rate) so I called their service line.

After being on hold for over 2 hours I finally got to speak to a CSR and after not getting anywhere with her, I had to hold for another 30 minutes to talk to her supervisor.

I was basically told (very rudely) that I could either accept the new rate or chose to close my account, those were my only two options.

Incensed, I said “Fine, close it” and they did.

UH OH!

What they didn’t know was that a week prior I had transferred all the balances from my other cards (Over $22,000) to their card without paying a transfer fee and at a promotional rate of 1.9 percent for one year.

But because of the law at the time, they could only charge me at a rate of 1.9 percent until the loan was paid (Here’s the malicious compliance part)

So here I am 13 years later paying the absolute minimum payment I am required to make each month, never missing a payment and never paying late (otherwise their ‘default’ rate of 27% would kick in).

They were not expecting that!

Since the inflation rate during these years has been well over the 1.9% interest I pay, it’s like free money!

I paid off every other creditor I had with the money I saved and don’t even use credit cards anymore as I’ve been able to save enough to live on a cash only basis.

They’ve tried multiple times to get me reactivate the card or to transfer the balance to another super-duper account with lots of benefits for me (like paying a much higher interest rate!) without success.

The only thing I lament is that all good things must come to an end as my balance is now down to $1000 or less, but at least it will last another couple of years.

AWESOME! This sounds satisfying!

The bank’s policies clearly weren’t in the favor of the customer.

Let’s find out what folks on Reddit think about this one.

This user loves this story because it backfired for the bank.

This user shares the story of their mom’s card!

This user knows this story makes a lot of sense!

Exactly! This user knows how the game works!

This user loves the details of the story.

He had to be more clever than the bank.

If you liked that post, check out this story about a customer who insists that their credit card works, and finds out that isn’t the case.