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I received a letter yesterday explaining my interest rate increase to 28.99% with a disclaimer that this decision was not based on information obtained in a report from a credit bureau.

My choices are to 1) accept the rate and continue to use my card and have both past and future purchases accumulate interest charges at this rate 2) send a letter declining the offer and have my account closed.

After a call to Discover to ask what effect this will have on my credit score, information which was conveniently omitted from the letter, I was told they don't know and I could not be transferred to someone who did. It would be reported as a request by the customer to close the account.

So, my choices seem to be to pay the higher interest rate, in which case I will never pay off my balance, or have my credit score, which I have worked hard to increase, lowered! How do I determine which is in my best interest?

Review about: Discover Bank Credit Card.

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