I had a Providian Mastercard that I just closed a few weeks ago. I have a balance on it and am working on paying it off as soon as possible. I am not, I repeat, NOT trying to find a way out of this debt. I put it on the card and I will send a payment in every month until it is gone. However, since the account is closed (by me and my CRs reflect that) am I still bound to the cardholder agreement? In other words, can those b*stards still charge me 16.9% each and every month until this is paid off? I would figure that since an account is closed I wouldn't have to pay interest anymore, but I'm sure I do. Or am I wrong? Any legal precedences that may apply here? Thanks!
You must pay interest on the remaining balance -- account open or not. Sorry for the bad news. It's not quite 16.9% a month though.... I'm sure it's 16.9% a year. Small consolation -- I know.
Yeah I know it's not every month, but I meant 16.9% for the whole year, month after month until the year passes...woah, it's late...
They probably "notified" you of the change in the agreement and terms with a tiny slip of paper inserted with the statement. Say you didn't notice it among all the junk ads enclosed with your credit card bill. I like to file a complaint with my state attorney general and the FTC when this happens. If you have the time, contact your state senator and congressperson. Some state attorney generals are more than willing to take on these predators. The credit card banking industry behaves in an unethical fashion that wouldn't be tolerated anywhere else in the community. There's no federal law governing interest rate on credit cards - how did dat happen? By looking the other way, our government has endorsed a new kind of slavery. 29.9% is a living death and lifelong slavery. A manageable loan at 9.9% becomes unpayable. Serial killers come in all disguises. Some, like the credit card industry, kill their victims slowly and even get Congress to approve their methods. If you have a microscope big enough you will discover in the "cardholder agreement" fine print that gives the credit card company the right to change or void the agreement at any time for any reason. What sort of agreement is that? Where else in America, in your city, your counthy, or even in your state, would such a practice be tolerated - I mean besides the carnival? Woeful
Just wait, they will find a reason to jack your rate. Pay it off asap, as you no longer have leverage as a good customer to plead your case when they jack your rate. Acct is closed they don't care (they care very little when the acct is open so caring even less puts us in a bad place!)
