a few months ago i noticed my citicard raised my apr significantly.when i called they explained they had sent a notice to opt out of the higher rate by closing the account. i transferred my balance to my capitol one card which carried a much lower balance and to my distress this month that rate has doubled also.when i called cap one the rep explained that they anticipate the change won't last for long and of course was due to the recent change in credit laws. i have good credit and longevity with both credit companies.my question- should i apply for a lower rate and transfer without closing the accounts as in research i understand closing accounts can hurt the fico score.
