Rate jacked up on credit card

This is not uncommon.

I read on bankrate.com about more and more companies watching cardholders like a hawk, sometimes monthly for any indicators that their customers are in trouble. Risk-based pricing I believe is what they called it.

However, once you bring the balances down, you should get the rate lowered, it might cost you a hard inq. though.

I don't think BofA does this, do you have one of their cards?

 

Sorry to hear that.
If you can get the balance lowered they will probably reconsider.
Realize this may not help now but I am a believer in always have somewhere else to BT too for this very reason.

 

They have to give you prior written notice of the increase and the choice of either accepting this, or closing the account and paying the balance as per existing terms.

 

I'd vote for getting another card with great BT rates and move it over there.

 

FLEET gave me a FRIVOLOUS CLI +$300 then a CLD -$100 (with-in 6-8 weeks of each-other)

They said I owed TOO MUCH MONEY (credit report)...so I PAID THEIR ACCOUNT IN FULL AND THEY ARE NOW MAKING $0.00 ON ME!!!

NOT gonna' close it because they will be BofA!!!

THAT -$100 COST THEM WAY MORE THAN THEY HAD INTENDED...THEY JUST ASSUMED I WOULD SAY OH...I'M A BAD BOY...REDUCE IT EVEN MORE!!!

 

Theres your answer. Give your receivables (your business) to someone (citi) who obviously wants your business more than FUSA. Screw 'em.

And Fleet? Fleet blows...

 

BofA did the same to me, from 9.99% to about 11 something%. I paid it off, and took their BT at 4% variable.

 

My own experience and every other story I hear seems to echo the old addage- banks only lend money to people who don't need the money.

As soon as you APPEAR to need the money, they make it more expensive. Banks have learned from drug dealers - make it free or inexpensive and as soon as you're helpless, gouge away.

Enough of the obvious.. in my case, DMB jacked me from 11% to 19% because of two overlimit fees. 18 months later, I've gotten them back down to 12.24%, and the decreases have been granted monthly. I suspect I'll wind up w/a lower APR than I had before. I had eaten up the 10k CL, now I'm down to $1600.

It's worth a call to request an APR decrease. And the BT strategy, if that's an option, always sends the right message - "when you want my business, you know what I need to hear"

 

Citi has some good BT offers. One of the ones I had was 6.9% until paid.

Don't close the FUSA. Sock drawer it, use it for a little gas once in a while and pay it off.

FUSA does have good BT offers. Right now I think they have either 4.9% or 5.9% until paid. So BT the balance to another (probably Citi) card, then wait for a good offer, BT back to FUSA and you'll have an even lower rate.

Use one of your other cards (AT&T??) with a decent rate for any other things you buy that will carry a balance. Then maybe you can also BT that over at some future date.

One you have a card that you pay in full every month, you don't care what the APR is, you never pay it anyway.

 

First USA recently increased the interest rate on my VISA card from 10.9% to 13.9%. Their explanation was that my Experian report showed high balances on my other three cards. I ordered my report from Experian, it showed all accounts in good standing, never late. I am carrying high balances (about 20K total) but it's no higher than in the past. First USA was totally unwilling to negotiate on the interest rate. I guess I'll try to pay it off in full and close the account (I owe about $7000) but in the meantime I'd like them to lower the rate to what they originally agreed to.
soulman
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They screwed up posting my payments on 2 accounts for 3 months in a row and jacked the rates on both accounts for being late.
I think I finally got them to correct everything.

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This is not uncommon.

I read on bankrate.com about more and more companies watching cardholders like a hawk, sometimes monthly for any indicators that their customers are in trouble.
1*Risk-based pricing I believe is what they called it.
Brad
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1*Bilking the customer price gouging is more like it.


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FLEET gave me a FRIVOLOUS +$300 CLI then a FRIVOLOUS -$100 CLD

They said it was because I owed too much money on other cards...SO I PAID THEIR $14,000+ OFF IN FULL IN LESS THAN 6 WEEKS!!!

I would have CLOSED it...but they are being bought by BofA so I can combine the account with my current BofA account!!!

 

What is STUPID about FLEET is that I owe probably $50,000 less now...than when they opened the account 3+ years ago!!! AND WHAT I DO OWE IS AT 0.00% to 5.90%

5.90% ON IT'S LAST LEG...

 

companies are watching cardholders like a hawk, sometimes monthly for any indicators that their customers are in trouble.
Brad
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That's not what they have in mind.They are looking for excuses to milk consumers.

Read this Victims of Credit Reporting
http://members.aol.com/victcrdrpt/Score.html
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I'm genuinely surprised that some troll hasn't popped up his pointy little head and sneered, "They can change the interest rate any time they want...It's in the account agreement...If you don't like the interest rate, then pay off the account and close it."

That last sentence would be the clincher. Terrible advice, calculated to drag you down into subprime territory and keep you there forever.

 

FLEET is getting 9.74% on $0.00 right now!!!

 

Risk based pricing SUX.
Relationship banking is the money maker why cant they see that