Comments on: Beware Credit Card Rate Jackings (Increases)

By: Danny N Golden

Danny N Golden — Tue, 02 Feb 2010 00:14:39 +0000

i have a chase credit card at a 9.80% and i went over the limit by $2.03 and they are now raising my interest rate to 13.55%…and even though I have never missed a payment or had any issues in they will not negotiate with me and I had to close the account. I have a $16,000 balance and that kind of rate hike would put me out on the streets

By: Daniel

Daniel — Tue, 26 Jan 2010 14:53:54 +0000

I have experienced the same issues. Wells Fargo raised my rate to 19% despite 7 years with them and not a single late payment. Then Chase was next, not as bad but still increased from 10 to 15%.

I would recommend for everyone, if you are looking to shop around for a better card, wait until after the law goes into effect. You watch within 6 months you will start seeing smaller banks offering great rates to steal all the big bank customers. That’s what you want to wait for. When those smarter smaller banks start making good offers, goodbye Wells Fargo, Goodbye Chase. Then when you get a good card, leave your other ones open for 2 years without using them. You need to build up 2 years on the new card before closing the old ones so you can maintain your scores.

By: Jennifer

Jennifer — Thu, 03 Dec 2009 02:15:15 +0000

I’m 27 years old and recently graduated nursing school. Ive had a savings account before I could even walk.I now have a checking, savings, student loan and a credit card with a whopping 10k limit through Wells Fargo. Thank goodness my balance is no where near 10k (approx 1k). Last month I was informed that my APR would increase from 21 to 24%!!! I have an excellent credit and have always payed my bills on time. I am considering changing banks but sadly I dont think this is just a Wells Fargo issue. Any thoughts on EECUs?

By: Ra Fi

Ra Fi — Thu, 19 Nov 2009 15:25:39 +0000

I have discovered that my interest rate has gone up on two of my cards. 29.99% is to high! What can I do to fight this evil blood sucking attack on my accounts. I am beging to hate HSBC and Chase. Who do I report them too?

By: Eva

Eva — Thu, 19 Nov 2009 04:18:58 +0000

I just got my mail and opened up my envelope from citibank informing me that my at&t universal card (on which I have never been late, carry a balance, and have paid off several years in the last 7 years) was being raised from 7.9 to 11.9 percent. I immediatly called and opted out. Screw them..I don’t even care that it will probably mess up my credit…

By: Hibo

Hibo — Mon, 12 Oct 2009 07:18:33 +0000

I’ve noticed everyone on here talking about Chase and BofA…well, I just got a notice in the mail yesterday about my credit card rate being jacked up to 17.3% from 11.65% from Wells Fargo. This happens to be really bad for me because I am a full-time student and I got my hours severely cut at work (to the point where I don’t even work some months), which only allows me to make minimum payments ($25) on my credit card. Now, I’m not blaming anyone for the balance that I have, but I am pissed off that I now have to pay more. I don’t understand why the rates are being increased and I don’t want to close the account because I don’t want to ruin my credit. I’m just afraid I won’t be able to keep up my payments and pay my credit card off

By: L.B.

L.B. — Mon, 31 Aug 2009 23:02:11 +0000

sorry, thought i should clarify the previous post–my minimum payment was 2% of the balance, now it is 5%. the balance on the Chase Visa was actually a “life of the loan” balance transfer, which galls me even more. “life of the loan” means nothing, apparently.

clearly illegal under the laws that will go into effect Feb2010, but they don’t care if anyone notices, i guess.

By: L.B.

L.B. — Mon, 31 Aug 2009 22:43:22 +0000

i have ever missed a payment, nor have i only paid the minimum, even if it’s only $10 over. a few months ago my Chase Visa offered me a “payment free month” because i was such a wonderful customer.
so my Chase Visa just raised my minimum from 2% to 5%, and never informed me in writing. they say i can pay the 5%, accept a higher APR and get it back to 2% (but with a higher APR)until 2011 when it will jump to prime+10.99, or close the card and go to their collections dept, who will let me pay it off at a fixed rate for 5 yrs but will close the card and tank my credit score.
they also said i had the option of hiring an attorney to fight them, how nice.
my combined FICO score is currently 723.
advice?

By: Rick Cadden

Rick Cadden — Sun, 30 Aug 2009 00:27:54 +0000

Chase hit the hardest and i m quitting them. No late payments, credit score in high 600, been with them since 99 and they jacked my visa rate from 11.99 to 19.49. I aid it off and will never use them again!

By: Karen

Karen — Wed, 26 Aug 2009 03:31:59 +0000

Add American Express Blue to the list of ratejackers. No late payments for me, and no other explanation than “our pricing has to be responsive to the business and economic environment”. What I get for their response to the economic environment is a new “variable” rate that basically takes me up to a 15% APR. And to boot, I’ve been a “member” since 1982 with no late payments that I can recall in all of that time. I hate the hit my credit score will take for closing the account, but they’ve finally crossed the line on this one.