Anyone else get this? I got it in my statement yesterday. Purchase APR now Prime + 10.99% (currently 15.74%). Takes effect next month...did not say it was adverse. APR was 10.65.
I did receive a change in terms notice but it was referencing how the minimum payment is going to be calculated.
Generally, there are two types of rate increases: 1) the kind where they target you individually, based on account performance, specific information on your credit report, or both. 2) the kind where they divide their portfolio into subgroups based on their calculations of risk (it's still based on your account performance/credit report, but only to the extent that it allows them to group you). Looks like you got the second kind, and it's the easiest to get reversed. Try just calling and asking for a reversal. Hopefully you have an excellent payment record with them. When Fleet tried this little trick with me I was sick when I called so I inadvertently did a poor little me routine and that worked wonders (luckily I got a female CSR who liked to be mommy).
I got my bill from citibank,and at&t universal card services,they both had an insert indicating a change in terms but it only effects my minimum due payment.This dosn't apply to me because i am not paying 19.99% or higher on my card accounts.No interest rate hike for me on ethier accounts.Citibank,and at&t are very excellent creditors to have because they have great BT rates good until the balance is paid-off!My regular rate on purchase is an 8.65% variable citibank 12.65% variable on universal card,and i am currently enjoying a 4.9% on citibank drivers edge,and a 5.9% on my at&t universal card,these rates are good for Life of the balance.
