I've been a Wells Fargo account holder since the late 80s, and got a Visa CC in 2005 to cover overdrafts etc. All of sudden the Overdraft fees went up to 23.8% and now my purchase rate has increased to 21.6% on my Feb. statement. I've never been late and I suppose that now they have Obama's TARP money they must want to make a quick buck! I'm on a fixed income and the difference between 5.9% and 21.6% is almost beyond my payment ability. When I talked to a service Rep. she told me there was no lower interest rate available...Now some other cards such as Orchard and Cap 1 have higher interest rates but nowhere near 21.6% or 23.8% unless you pay late... What gives? Is there a Govt. agency I can file a complaint in this matter?
Obama's CARD Act takes full effect on 2/22, so credit issuers are raising rates across the board while they still can. After the 22nd, they'll have a lot more rules to follow when they want to raise rates. Still, there is no cap on interest rates included in the CARD Act, so the fact is credit card companies can raise your rates as high as they'd like. I bank with WF as well, and haven't had this happen to me yet, so I'm not sure why your account was chosen for the increase. It could be for a myriad of reasons. If you want to file complaints, you can do so with the BBB, FTC, or your state's AG office. I understand this is really frustrating for you. Unfortunately, I think it's a trend we'll all need to get used to as low rates for customers with good credit are going to be a thing of the past.
Rediculous Card Interest Increase & Other Stuff Joshua I've taken you're advice ( not that will not ounce of any good!) But seeing that I'm am fixed income and now they're going to force me into a situation where I may not be as resposposble for my timle payments as I always have been it seems rather ironic! I've also been paying for a service for years to monitor my Credit Called Free Credit Report.com they include a srore which is way Low from what the bank claims they see.. Shoud I keep wasting the monthly fees for this Bougus piece of CRAP?
If I can chime in here: 1) Josh and you are both right regarding the rate jack. You can make complaints but, it won't do any good. This is the backlash the CARD Act has brought us. It has hurt many consumers with once good credit; i.e., high FICO scores dumped because of account closure and slashed limits. 2) Don't pay for a monitoring service. Your FICO score only means something if you're in the market to obtain new credit or finance something. The only reason to monitor credit is if you're fearful of something popping up and the internal scores these services offer are meaningless and misleading (notwithstanding Equifax products which use at least some FICO model).
I agree with Apex - cancel the monitoring service. When you need to review your reports, go to annualcreditreport.com and get a free report every year from each of the major bureaus.
Good link Josh. Here's another where you can see Experian virtually every minute you wish: Experian | Consumer Services
If they're a national bank (I'm sure WF is) you can also file a complaint with the Office of the Comptroller of the Currency.
I can't seem to win on this one! I tried a "Balance Transfer" but all it did was cot me another Hard Inquiry, then I was told you have to be in the mid-high 700s to do that. Now My Credit Union just sent me notice of a Rate increase on my Mastercard which I got on a fixed 9.9% years ago. Now it's going to Be prime+ some percentage. That indicates my card somehow turned into a variable interest card? They quoted somewhere between 18.99% maybe higher. I've been told not to close the lines because it will really sink my Scores! At the same time looking for another option costs me more Hard Hits. And both you folks were right, I've cancelled my Free Credit Report.Com it was a RipOff!
