FNANB jacks rates - for many

I did not see any info on this elsewhere.

In what customer service describes as a company wide move that affected 250,000 card holders FNANB also of circuit city fame dramatically raised interest rates on their traditional visa cards.

Our rate went from 15.9% to 21.9% based on information provided by equifax. Pulled pg last night no new negs.

Only option was to close an account with a 5 year history and a 6k credit line to keep the same interest rate.

This is the second card that we have closed to avoid a major interest rate hike. Providian went from 17.99 to over 31% causing similar grieve. It took six months to clear the balance.

By closing the card to new purchases it keeps the original term but also hurts the credit scores. Which makes a balance transfer less likely.

If companies keep hijacking interest rates people will keep closing cards thus lowering credit scores. Other companies will continue surcharging for manufactured lower scores.

Hard to win.