[sofocused978]

So I recieved a letter from Citi saying that my APR for purchases is about to increase from 5.9% to 14.9%. Currently I have a balance of $19000, $14000 of which is locked in at a 5.9% balance transfer rate until paid off. The other $5000 is @ 5.9% but about to increase. I just spoke with a customer service rep at citi regarding the letter I recieved and they said that my options are as follows. First of all the $14K at 5.9% will not increase. The $5000 will increase to 14.9% or I can opt out of the increase and my rate will stay the same until my card expires in October 2011. At which time they will CLOSE my account regardless if I have a balance or not. If I still have a balance in 2011 the balance APR will stay at the 5.9% until paid off.

So my question is the following. Do I opt out of the increase and let them close my account in 2011, or do I let them increase my rate and hope to have them lower it with a phone call. I have had this card for almost 10 years and I know that people say to keep your oldest credit lines open. Please give me some advice. I have 2 days to figure out what I am going to do.