Comments on: Beware Credit Card Rate Jackings (Increases)

By: Bettina Lerman

Bettina Lerman — Wed, 07 Sep 2011 20:54:39 +0000

On the 22 of Aug. I received a 200.00 increase from Merrick Bank because I had made all my payments on time.On the 30 of Aug. I got a letter from them that my account is closed. They said that I have too much credit.

By: Lisa

Lisa — Tue, 15 Feb 2011 20:55:37 +0000

Just paided on my Discover Card and was wondering why my interest rate was at 13.99% and now has jumped up to %17.24. I don’t remember receiving anything in the mail to inform me that my interest rate was going up. I have never been late paying and have always paid in advance. Plus have always paid over the minium due. I tried to work with to lower the rate some. But all I got was that this is the going rate now. So much for paying your bills on time.

By: Edward

Edward — Wed, 20 Oct 2010 21:41:37 +0000

here is a copy of an email i just sent Capitol One upon receiving notice of their impending rate jack.

Dear Capitol One
As a long time Capitol One card holder (7-10 years), I was very disappointed to learn of Capitol One’s decision to enter the high-risk

Credit Market with both feet. As a loyal customer who has NEVER been late on a card payment, I was appalled to read of your intentions to

raise my credit card rate to 29% APR. Needless to say come January my wife and I will be closing our account. Rest assured however, we will

find a better rate and better service as I am sure your other customers will. At least those who have managed to make it through life with

their integrity intact. Wow from 7.9 fixed to 29%! Shameful, simply shameful.

By: KEVIN

KEVIN — Thu, 17 Jun 2010 21:52:51 +0000

Our citi premiere pass card went up to 29.99% interest

By: Lori

Lori — Sun, 11 Apr 2010 19:19:45 +0000

I have a few credit cards that I used to redo our paid for house.. Also a Care Credit Card for Dentist work that my insurance didn’t cover.
In the past few months they have all jacked my interest..I have never been late and always paid way more than the minimum. Chase is one of them. My Sears card went up too and now there is a 70$ a month charge just in interest. I think I missed the opt outs or I didn’t realize what was going on due to the fact that I pay them all online and don’t usually read any of the mailed statements.I went to my bank to get a loan to pay them off and they wanted me to put my house up for collateral. My house is paid for and I do not feel comfortable doing that. I don’t understand that when the amount I wanted was about the same or even a little less than a new vehicle (nothing fancy) and they don’t make you put your house up for a car loan!! I can’t believe we are all getting treated this way. I have probably paid off the balances twice just in the interest!! I have called all of them and asked why and asked them to drop the interest down and the answer is always NO!

By: Carmen Hardin

Carmen Hardin — Mon, 29 Mar 2010 17:31:34 +0000

On January 2010 my CITI card was raised from 3.99%(promotion) to 29.99%.The account had been set up on automated payments therefore I had never been late.When I called they said they had send me the ‘option’.My payments went from 100.00 a month to 520.00 of which about 100.00 goes to the principal and 400.00 to pay the interest.

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?