Just a warning to anyone who may be considering tranferring balances to their fleet card. I did this with the promise of a lower apr and after the transfer they closed the account. It seems on the back of the cardholder agreement in the fine print if the account is closed they can raise the interest rate. So they closed it. Account was current as are my others,not behind on anything, income in the 70's,government employee for 20 years, own home. Of course I'll just pay off the account and they will lose a customer,la di da. Just proceed with caution if your considering Fleet.
PROBABLY A MISTAKE. P.S. I THINK THE FINE PRINT SAYS SOMETHING LIKE 24.0% OR MORE FOR CLOSED ACCOUNTS. I HAVE HAD CREDIT CARDS FOR OVER TWENTY YEARS. FLEET IS THE ONLY CARD I HAVE, THAT TRIED TO RAISE THE INTEREST RATE WHEN I CLOSED IT...SO I DIDN'T CLOSE IT!
I have a Fleet lycos reward master card and its APR is fixed 9.99%.But I am afraid they will increase my interest anytime because I usually have high balance on my other cards.I read some posts on other board they did that .I noticed they checked my credit as account review almost every month.They use Experian and TU.I am ready to close it if they raise the interest.
FOUND THE FINE PRINT FOR YOU... Upon any closure of your account, we may immediately increase all rates to a variable rate of the higher of (a) 24.99% APR or (b) LIBOR plus 18.229% (24.99% APR, today).
Actually they raised it to 27%. However I didn't close the account and it was current and always had been. My complaint is that after transferring my other cards to this one with the promise of lower rates they closed the account apparently just to raise the rate. Some people go to jail for stealing and they give some a license to.
You are right about them possibly raising your rates.Stop,and think most creditor's are using risk based pricing.You really have to careful how you use your credit all togeather.So far i have 2 risk based pricing cards,and they give me 9.99% across the board interest rates.So far so good.I don't know how they can think you would become risky all of a sudden but i will be on my guard.You need to be on your guard as well.
when a credit card company agrees to accept your payment by mail, they agree to abide by the state laws of the state you live in, not which they are based. The majority of states have set limits on credit card rates and I do believe Fleet is exceeding those with their 27%. So I would suggest stop paying those #^$%&@*!
