Depends on what you are wanting to do with it. If you want to purchase a lot of things or high dollar amounts and can pay it all off before July 2011, then ok. If not, you will be charged that interest rate. There are better rates out there, but you didn't mention your status, credit score, etc. so don't know how applicable they are to you or not. No, your APR won't go down once they raise it to 22.9%; however, if you pay your entire balance every month, it won't matter.