March 15: I log in and discover my interest rate has been lowered from 19.8% to 18.9%, so... I wrote: Did you lower my interest rate?? Thanks! If you'll lower it some more, and raise my limit, I'll transfer another balance to this card. It's a pleasure doing busines with you. Linda They responded: Response 03/17/01 08:28 AM Dear Linda XXXX, This is in response to your recent inquiry concerning your credit card account. Our records indicate that you may be eligible for a lower annual percentage rate. An Account Specialist will be contacting you regarding the possibility of lowering the interest rate on your account. We have forwarded your request for a higher credit limit to our Credit Department. You will receive a written response to your request within the next 7 to 10 business days. Thank you for your inquiry. We value your business and hope we can be of service to you again in the future. Should you have further questions, feel free to submit another online service inquiry. Sincerely, XXXXXXXX, Online Account Specialist Direct Merchants Bank **************************** They lowered my rate from 18.9% to 14.74, but refused to give me the increase, saying I had to wait six months between increases. My limit was $2,500 (and I was close to it). ******************************** May 9 - I log into my account to see my statement, discover my limit has been increased to $3,800, but my interest rate has been raised to 15.24% I wrote Hello, Thanks for the line increase! But ummm, how come you raised my interest rate? I've been good. Linda Response 05/10/01 12:38 PM Dear Linda XXXX, This is in response to your recent inquiry concerning your credit card account. By this being a variable rate whenever the prime goes up your rate goes up. Thank you for your inquiry. We value your business and hope we can be of service to you again in the future. Should you have further questions, feel free to submit another online inquiry. Sincerely, XXXXX XXXXX, Online Account Specialist Direct Merchants Bank ********************** May 10, I just couldn't help but respond to that one <giggle>, so... I wrote: Hello, Perhaps I shouldn't do this, but my .50% increase could not possibly be due to the prime rate going up, since prime has been going down since the first of the year. No offense intended. The prime rate changes for 2001 are: Jan. 4, 9.00; Feb. 1, 8.50; Mar. 21, 8.00; Apr. 19, 7.50; May 04, 7.50; May 07, 7.50; May 08, 7.50; May 09, 7.50; May 10, 7.50. Thanks anyway, Linda Response 05/11/01 05:31 PM Dear Linda XXXX, This is in response to your recent inquiry concerning your credit card account. Our records indicate that you may be eligible for a lower annual percentage rate. An Account Specialist will be contacting you regarding the possibility of lowering the interest rate on your account. Thank you for your inquiry. We value your business and hope we can be of service to you again in the future. Should you have further questions, feel free to submit another online service inquiry. Sincerely, XXXX XXXX Online Account Specialist Direct Merchants Bank Gee, this is fun!!! Can we do it some more??? breeze
NOW I KNOW WHY... THE PRIME RATE DROPPED 2.00%...SO DUE DO INCREASED COSTS OF MY FIRST USA BANK ACCOUNT...MY INTEREST RATE WENT UP 9.59%. I'M LUCKY THE PRIME RATE DIDN'T DROP 5.00%!!!!!
The increase in APR is not tied to the Prime as stated in our statments disclosures. The APR is tied directly to anytime the CC have to pay a huge fine or buy out another cc operations. Best regards, Sam
