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Old 22-08-2009, 02:48 AM posted to
Paul M. Cook Paul M. Cook is offline
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Join Date: Nov 2006
Posts: 5,744
Default Credit card rates

"The Gandering Gourmand®" wrote in message
The suggestion that even those of us with good credit could see our
interest rates go way up hit home today. My Chase card, which has
been at 5.99% fixed since 2004 is going up to prime + 8.xx% in
November, effectively, 11.99%, almost exactly double. If I put a stop
on new charges by Sept. 25th, I can pay the card off at the old rate,
which is what I'll do, then never do business with Chase again.

Has anyone else gotten one of those "change in terms" letters?
Look closely, because just reading the envelope would have led me to
believe that the only change was to "privacy policies." If you miss
the deadline to inactivate your card, you could end up paying off a
current balance at a significantly higher rate.

Over the years my card company has made boatloads of money from
merchant fees from my purchases, and a fair amount of interest as
well. They'll no longer be getting those merchant fees. If you think
you might have tossed an envelope announcing changes, or maybe even
just anyway, call the card company(s) to see if there's a planned APR

Yep, my 9.9% card is now 14.9. Never a missed payment in all the time I
have had it. No over limits either. Now I have the letter here which I
intend to frame. The reason given for the reduction was "too few accounts
open in a 24 month period." Yep, I did not get more credit cards for the
last 2 years, so they axed my credit limit. In addition they cut my
available credit limit by 4K. And my HSBC card cut my line of credit in
half as well even after I have paid off the balance two times in 3 years..