Jan
2
Herbert C asked:
Ok I have had a credit card from a well established bank for years and never used it. They sent it to me with great terms, 7.9% fixed for the life of the card. And thats “they sent it to me, I did not go out of my way to get it. Well I had a balance of over 7k on a loan at 11.25% so I used the credit card to pay it off. Now they send a letter that the interest is increasing to 21.45% and variable. This is no fly by night bank either. Its actually a bunch of BS. What recourse do I have? They have the standard clause in the agreement “We can raise rates for any reason”. I guess I have too much faith that if I honor the terms and pay as agreed they will honor them also. And by the way my credit reports are good, Scores all over 720, no late payments of defaults. Nothing on them has changed since they issued the card except overall debt went down so I am not buying their excuse of information obtained from a consumer report
Well so far I have sent certified letters to the CEO, CFO, 6 other execs, 2 customer service addresses, My US senator and US Representative as well as the House Committee on Financial Service,Subcommittee on Financial Institutions and Consumer Credit, The US Senate Committee on Banking, Housing and Urban Affairs. And called their Customer Service Dept 4 times and got the run around. Now I’m filing a complaint with the Comptroller of the Currency.
Maybe I should declare chapter 13 and ***** them out of their interest all together.
COLLIN
Ok I have had a credit card from a well established bank for years and never used it. They sent it to me with great terms, 7.9% fixed for the life of the card. And thats “they sent it to me, I did not go out of my way to get it. Well I had a balance of over 7k on a loan at 11.25% so I used the credit card to pay it off. Now they send a letter that the interest is increasing to 21.45% and variable. This is no fly by night bank either. Its actually a bunch of BS. What recourse do I have? They have the standard clause in the agreement “We can raise rates for any reason”. I guess I have too much faith that if I honor the terms and pay as agreed they will honor them also. And by the way my credit reports are good, Scores all over 720, no late payments of defaults. Nothing on them has changed since they issued the card except overall debt went down so I am not buying their excuse of information obtained from a consumer report
Well so far I have sent certified letters to the CEO, CFO, 6 other execs, 2 customer service addresses, My US senator and US Representative as well as the House Committee on Financial Service,Subcommittee on Financial Institutions and Consumer Credit, The US Senate Committee on Banking, Housing and Urban Affairs. And called their Customer Service Dept 4 times and got the run around. Now I’m filing a complaint with the Comptroller of the Currency.
Maybe I should declare chapter 13 and ***** them out of their interest all together.
COLLIN
Comments
4 Responses to “Legalized loan sharking, legalized robbery, Is that what this is?”
Leave a Reply
DENNIS
welcome to the legacy of Reaganomics.
Classic bait and switch.
CALVIN
You can call them and tell them how you feel. If they value you as their customer they can, if they want…make some adjustments.
Otherwise since its in the clause…thats that and you cant do a thing about it regardless of if you asked for the card or they just sent it and you ACCEPTED the card and their terms.
If you dont like it transfer to another card with a lower rate.
There are some cards that will give you a 0 percent rate for the first six months.
Good luck.
MAXWELL
You’ve already answered your own question. It’s beause they can, they don’t have to have a reason. Once you put that kind of balance on your card they may as well pump as much interest out of you as they can right? Yes, it’s immoral and greedy but also perfectly legal. Credit cards pull dirty tricks like that all the time which is why I don’t use them. But one thing is this, they hope you simply will not notice or care. Most people they do this do just accept it. If you were to pick up the phone and raise holy hell with them there is a good chance they will revert it. Right now all they are doing is ripping you off, you know it and they know it. Call them out on it.
DON
You might want to call and see if you can “opt out” of the APR increase. Depending on the reason the APR is increased you MAY have the option of closing the account and keeping the same APR. If you have been in default for ANY reason you will not have this option. Check the notice they sent you, does it give opt out information? If you have defaulted( Even 1 day late, over Limit, ect) you are pretty much SOL. Find another card to transfer the balance to.