Aside from Fleet and Chase, is anyone else jacking rates on a whim? Have my Citibank card to be concerned with, and I'd like to know who to blacklist.
Providian jacked DW's from *gulp* 23.99 to *DOUBLE-GULP* 29.99!! She has perfect 3-year history, (almost) always pays the balance in full. I can't even get through to anyone to discuss the APR. They say to send letters, no response. They say they can't discuss it on the phone, yadda yadda. Time to get a new card!
All CC companies are going to jack your rate if... 1) Be late on 1 payment to ANY creditor 2) Close your account with a balance 3) All of a sudden take cash advances 4) Go over your limit, or get very near to it. 5) Make a string of minimum payments 6) Then of course, the catchall, because they can
Citibank tried to jack the rates on two of my 3 MasterCards this week. They gave me notice. BUT, unlike some others, they let me escape the increased APR by refusing to accept the changed terms (i.e., violation of contract) now, in which case I can use the cards at the old terms until the cards expire, at which time the accounts will be closed. Not quite the decisive action that a genuine pattern of delinquency could justify. Of course, my payment record on the two cards is perfect.
I have a strange Providian story. They raised the rate from 23.99 to 29.99 on both of my cards, but after less than a year they spontaneously reduced them back to 23.99. I was shocked.
I think all the cc companies have to give you at least some warning before they jack your rates and you always have the choice of refusing the changes and continuing to pay the debt under the current contract. That happened to me with mbna. They raised my rates on both cards. On one card I closed the acct on the other one I accepted it because they are very generous on credit limits and do provide good service. Of course with all the money they are making off of the higher interest they certainly can afford to have more and better trained representatives.
NOT ALL CREDIT CARD COMPANIES...FLEET "JACKS" you to a WAY HIGHER rate if you close the account because you refuse to accept the new terms!!!
