Letter came in the mail today: <Sterling logo> "We Create Solutions"® January 9, 2002 Dear Credit Card Customer, This is to advise you of changes regarding your Secured Savings Account and Secured Credit Card Account. SECURED SAVINGS ACCOUNT DISCLOSURES: Effective February 15, 2002, the interest rate on your Sterling Secured Card Savings Account or your Visa Gold Card Savings Account will be 0.50% with an annual percentage yield of 0.50%. Effective January 31, 2002, no additional deposits will be accepted to the savings account to increase your Credit Card credit limit. SECURED CARD CREDIT AGREEMENT Effective January 31, 2002, the following is the Amendment to the Secured Card Credit Agreement. Credit Line Increases: No additional Credit Line increases will be granted. You consent to the amendment if: 1.) within 30 days after we mail you notice of the change, you do not give us written notice rejecting the change at Sterling Bank & Trust, P.O. Box 1170, Royal Oak, MI 48068; or 2.) you use your Account after 30 days from the date we mail you notice of the change, regardless of whether you give us notice rejecting the change. Refer to your Credit Card Agreement for additional informatino and exceptions. ### I'm not sure if everyone got this or just me since I haven't used this account in over 8 months. Maybe they don't like that I'm paying them off? ;-)
They're not the first lender to walk away from the secured credit industry© But they were among the best© The #1 secured card lender, WSB ¥http://www©westernsecuritybank©com/Lobby/index©asp¤, has pulled the plug long ago© Saar
LOL...Hey doc could you email me some basic steps for HTML on the board? I can't figure it out. When I try it I screw it up. I would REALLY appreciate it. Ohnostuck@aol.com
I just got this letter today also. I have had a card with them since 2000. Anybody know why this is changing? Are they not offering secure credit cards anymore? With these changes is there a chance for increase in interest rate APR on the card?
When I called for an increase, I was told that they had to downsize. I cancelled it because while they were great, I was told they would be doing this and felt they might go down soon. Sigh. It was a good company while it lasted. But you can't look back.....
Well that settles it then. I'm pushing them to the head of the line--short as it may be--to be paid off before April. Then I'll cancel the account as well. I wonder how long it'll take to get the deposit back?
