Well, today I got my Discover card statement. THey have decided t jack my rate to 22.99% for no reason. When I called to discuss, and threatened to cancel my card,they said there was nothing that could be done. I never paid late. I have credit scores of 684 (EXP) 685(TU) 636 (EQ). They claim my credit report shows I am a greater risk so they are increasingthe rate. Of course I am a greater risk now that I can't pay down the balance given the rate they are charging. I am outraged.
What is your ratio of total credit balances to available credit? If this is high, either they consider you a risk, or (if you are cynical) it is clear you have nowhere else to transfer. Either way, it is prudent (or profitable) to increase your rate. You negotiate from a weak position when you are in a corner.
I got rate jacked by Cap1 - no lates ever on anything, and a ZERO balancxe on all credit cards, including theirs. I guess they want me to keep it in the sock drawer. Naaawwwww..... maybe I'll buy a gallon of gas on it ever New Years Day, yout to let them know I'm thinking of them.
Discover is also stopping 0% BT's..... I was doing them, no fee, 0%, and they cut them off. Happened to a good friend as well. Now they have a 50.00 fee and the purchase interest rate.
