I just got off the phone with some manager guy at FDS Bank / Burdines, I explained that I have been a card holder for so many years and now when I noticed the APR on my account is way to high in less than a month it increased, he said ohh the APR is going up to 42% for ALL Burdines Card Holders..... When he said that, I told him why in the world is the APR going up from 20% or 21% to 42% APR for everyone, he said well I don't know exactly why. I ask him is this some "default rate", he said NOPE. "It's for all Burdines Card Holders." In my opinion I don't think he knew what he was talking about. Should I send them a letter in writting via certified return receipt mail asking specific reasons why this APR went up?? He did mention that they are now rounding the minimun finance charges to the full $1.00 (one dollar) it used to be 0.50cents...... I dunnoo what he means by that and neither did he when I asked for him to explain in detail. Can someone help me draft up a letter asking why this APR went up so high????? He DIDN'T mention anything about that bad collection on my report which I was expecting him to say the APR is 42% now because the COLLECTION on your credit report. so I left it as that. Here is the link from my original post yesterday: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=345171#post345171 Here is the link to the Burdines Credit Card Application: http://www.burdines.com/service/credit/index.ognc Thanks Everyone! =)
hey do you have the address for fds bank. Ive been fighting a macys account for a while now. But ive been going through the macys dept. Maybe if i go to the bank directly ill get somewhere.
Re: Burdines APR OK, here's my explanation. I don't think you're at a default rate. The Burdines application mentioned a default rate of 24.99% or thereabouts. That rep was really stupid to lie like that about the rate going up to 42% for all Burdines cardholders. And he was really stupid to think anyone else was stupid enough to buy his fabrication. But he did have a point about the minimum finance charge going up to $1.00 per month. Here's why: 42% per annum is 3.5% per month $1 is 3.5% of about $29 If your average daily balance (probably the method they use) was about $29, then the $1.00 minimum finance charge was 3.5% of that, for an annual rate of 42%. If you check your statement and find any of the numbers I mentioned, please let us know. I'd feel bad if you had to worry about default rates any more than was justified by the facts.
Re: Burdines APR I doubt that it really could be true, although they are trying to get rid of Burdines altogether. Did you see the news reports about burdines becoming Macys-Burdines and putting shopping carts in the stores like Kmart and Target? They are really hurting for revenue and it's only going to get worse especially when they lose their department store clientele who won't shop at a Macys-walmart. If I want to go shopping with a grocery cart, I'll got to Wal-Mart or Targer NOT Burdines! To try and deal with collections at the FDS Bank just doesn't work. I've tried it and it's the only thing holding up my mortgage right now. I'll just pay the collection and it will fall off next year.
