Shittibank vs. Mint

I recently began using mint.com to manage my finances after using Quicken forever. Quicken was cool and very well integrated online, but mint.com was just way easier to setup and maintain and over the last couple of months has proved to be an extremely positive experience.

So, I was checking out my accounts the other day because I love to watch my money whether it's expanding or failing miserably via my retirement account and I noticed that I had a 14.99% APR on my favorite card. It's black and awesome and used to have an APR of 4.52% which I really liked. I have never missed a payment and pay a lot on it every month as it's my primary bar tab card. I'll admit that it's been misplaced a few times and their customer service has been incredible on it.

The card was lifted in Vegas and they shut down the charges and killed the card swiftly and ably over the phone. I thought that the APR had to be a bug with mint and logged on to my account to check it out and sure enough it said 14.99%.

I checked out my past statements and November's had the 4.52% on it while December's had the 14.99%. I sent an e-mail off to their customer service asking if I had been a bad customer or something and they replied that it was due to the current condition of the financial markets and that I was sent the new terms and conditions and given the opportunity to opt-out if I wanted to. Now, in between convenience checks and bullshit that they send, I didn't read the 32 page fold out statement of terms and conditions, that's my bad. Who reads that?

To their credit, they gave me a second opportunity to opt-out, which to me, screamed that they tried to pull one over on their customers and got called on it. What kind of business outside of the oil business can you justify a 300% rate increase and get away with it? Furthermore, I live within my means. I haven't purchased a home because I can't afford it. I haven't bought a new car because I would rather pay my credit card bills down. Why should I be responsible for them or their customers' negligence?

So, I weighed out my options and decided to opt-out. The opt-out entails keeping my old APR until the expiration date on the card and then the account will close and remain until it is paid off. It will be paid off by that time, so I don't even get why I would choose to keep the 300% rate increase unless I never read the document. Honestly, there were no Pros to those Cons. That would be the best critique of prison writing that any prison writing program critic could ever write.

The question is how many others is this happening to or am I the only one that doesn't read all the mail that his credit card company sends him? Honestly, I've learned that if my bill isn't in the envelope, it's junk. Hmmm. Maybe if they quit sending convenience checks they could save that money that they need to provide their exceptional service and benefits. Then on top of all this, you have the bail out and their private jet they had to send back. Should I be feeling bad for them enough to say "Yeah, man, you've had a rough patch, so let me pick up the tab." They are not your mom-and-pop liquor store that you can justify paying more for convenience because they are a local business. They are not even your uncle with a drinking and gambling program that lost his rent in Reno one weekend.

Regardless, the whole thing kind of pissed me off and made feel a bit vulnerable. The moral? Read your goddamn mail or pay the price. Also, mint.com is pretty rad. I figured out my account had been messed with because they showed me cards that I could get that would be better than those existing.