As I understand it when a situation arises where you have two percentages on the same card (Such as your case) when you make a payment it will ALWAYS be applied to the less interest rate. So, if you make a 5,000 payment today, you would still have the 5000 on the higher interest rate and you would owe $9,000 on the locked 5.9% rate. This is a ploy that they use to trick you into a lower interest rate then over time, as you charge and keep paying the balance transfers over to the higher interest rate.
If it were me, I would opt out of the increase. Most likely as soon as they closed it, they would issue you another one. Or, apply for another one now from the same company, at one time I had two credit cards from the same company. I would look for a 0% credit card first.
I have to say though; a credit card should be used as a way to spend money you currently have, not a way to spend tomorrow income. I agree with the pay off the card ASAP advice that was given.
Good luck,
Raymond
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