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Question about credit card APR

P: 1/28/2009 1:34:48 PM
karee888 Ideal Rock Total Posts: 1,063 Last Post: 11/23/2009 Member Since: 12/9/2008	Hi all, I currently have a WaMu credit card with an APR of 12.99%. They just got bought out by Chase, and I received a new cardmember agreement in the mail. It said my interest rate will be going up to 31.99!!! I have not done anything wrong - I've never ever been late on a payment. I called and they said that was in the terms of the acquisition. Can they do that!?!? He said the only way to keep my current APR was to cancel my card by a certain date in Feb. ???
Posted: 1/28/2009 1:34:48 PM

There are 10 replies to this message. There are 10 replies on this page.

P: 1/28/2009 1:49:49 PM
heraanderson Ideal Rock Total Posts: 1,139 Last Post: 11/20/2009 Member Since: 7/13/2007	Wow, that sounds really high! I would go onto creditboards.com credit forum and ask the helpful people there about it. Usually there isn't much you can do. I would not cancel the card, because that would probably do more harm than good. After 3 or 6 months, I would surely ask for a interest rate reduction. Balance transfer any balance over to a different card. Really, though, it shouldn't matter. Pay off any balances every month and you won't have to worry about any interest.
Posted: 1/28/2009 1:49:49 PM

P: 1/28/2009 2:46:41 PM
tlh Ideal Rock Total Posts: 4,065 Last Post: 11/24/2009 Member Since: 12/31/2008	Unfortunately it has to do w/ too many people defaulting on their ccards, filing bankruptcy or settling for paying on 30-60% of what they owe. We are paying for the sins of others. It is like if you go to dinner w/ a bunch of people... those people leave early, you are the last to leave the party... and you get stuck with the bill. This is what is happening here, the bill is just getting passed onto others, who are unfortunately getting punnished. Same thing happened to me w/ capital one... STINKS! UPDATE: (one thing you could do, is freeze the account @ its current interest rate, but you cannot make any charges on it... and just pay it until it is paid off. Once you use it, it would go to the higher APR. When it happened to me, I just paid it off, and started using my other card with a better rate... it is a game, and unforunately, not all players, play fair.) "I like smiling. Smiling's my favorite!" Will Ferrell ~ Elf
Posted: 1/28/2009 2:46:41 PM

P: 1/28/2009 2:52:46 PM
Namaste Ideal Rock Total Posts: 853 Last Post: 11/2/2009 Member Since: 8/1/2008	HOLY crapola that is EXTREME!! That sounds like loansharking!! I would definitely transfer the balance to a different card if you have one, cause that is just unbelievable!
Posted: 1/28/2009 2:52:46 PM

P: 1/28/2009 8:02:51 PM
karee888 Ideal Rock Total Posts: 1,063 Last Post: 11/23/2009 Member Since: 12/9/2008	Date: 1/28/2009 2:46:41 PM Author: tlh Unfortunately it has to do w/ too many people defaulting on their ccards, filing bankruptcy or settling for paying on 30-60% of what they owe. We are paying for the sins of others. It is like if you go to dinner w/ a bunch of people... those people leave early, you are the last to leave the party... and you get stuck with the bill. This is what is happening here, the bill is just getting passed onto others, who are unfortunately getting punnished. Same thing happened to me w/ capital one... STINKS! UPDATE: (one thing you could do, is freeze the account @ its current interest rate, but you cannot make any charges on it... and just pay it until it is paid off. Once you use it, it would go to the higher APR. When it happened to me, I just paid it off, and started using my other card with a better rate... it is a game, and unforunately, not all players, play fair.) Freezing it might be the way to go, because we unfortunately have a balance. I'll look into how to do that. Thanks for the advice!! :)
Posted: 1/28/2009 8:02:51 PM

P: 1/28/2009 8:27:14 PM
tommalle Rough Rock Total Posts: 60 Last Post: 6/13/2009 Member Since: 1/4/2009	That happened to me 2 Christmas' ago. Mine went up from 10% to 21%. They can do that however wrong we think it is. They said as long as they send out a notice ahead of time explaining what they were going to do. Of course it wasn't a letter with that being the only subject. They put it in along with the privacy act and all of that other nonsense that is printed so small no one reads anyway. We were lucky because we were able to pay off the card and close the account. Of course we didn't do it without a big "f you."
Posted: 1/28/2009 8:27:14 PM

P: 1/28/2009 10:20:46 PM
neatfreak Ideal Rock Total Posts: 13,477 Last Post: 11/24/2009 Member Since: 2/17/2007	Yes they can do whatever they want...
Posted: 1/28/2009 10:20:46 PM

P: 1/29/2009 1:01:19 AM
Dancing Fire Ideal Rock Total Posts: 10,227 Last Post: 11/24/2009 Member Since: 4/3/2004	Date: 1/28/2009 1:34:48 PM Author:karee888 Hi all, I currently have a WaMu credit card with an APR of 12.99%. They just got bought out by Chase, and I received a new cardmember agreement in the mail. It said my interest rate will be going up to 31.99!!! I have not done anything wrong - I've never ever been late on a payment. I called and they said that was in the terms of the acquisition. Can they do that!?!? He said the only way to keep my current APR was to cancel my card by a certain date in Feb. ??? i can get a better rate through my loan shark !! it is always harder to find a "mind clean" stone than a eye clean stone.
Posted: 1/29/2009 1:01:19 AM

P: 1/29/2009 2:45:26 AM
musey Ideal Rock Total Posts: 11,179 Last Post: 11/24/2009 Member Since: 9/30/2006	If you've never been late on a payment, then it shouldn't matter, right? I know it's the principle of the thing, but if you don't carry any debt then it shouldn't affect you...
Posted: 1/29/2009 2:45:26 AM

P: 1/29/2009 11:20:32 AM
Chrono Ideal Rock Total Posts: 11,338 Last Post: 11/24/2009 Member Since: 4/22/2004	Date: 1/29/2009 2:45:26 AM Author: musey If you've never been late on a payment, then it shouldn't matter, right? I know it's the principle of the thing, but if you don't carry any debt then it shouldn't affect you... Unfortunately Karee has a balance on it that she cannot pay off the full amount right away. I've received notices like this from my CC company and they also state that if I don't accept the new rate, I have to cancel my card. However, it doesn't phase me because I never carry a balance.
Posted: 1/29/2009 11:20:32 AM

P: 1/29/2009 2:18:04 PM
musey Ideal Rock Total Posts: 11,179 Last Post: 11/24/2009 Member Since: 9/30/2006	Date: 1/29/2009 11:20:32 AM Author: Chrono Date: 1/29/2009 2:45:26 AM Author: musey If you've never been late on a payment, then it shouldn't matter, right? I know it's the principle of the thing, but if you don't carry any debt then it shouldn't affect you... Unfortunately Karee has a balance on it that she cannot pay off the full amount right away. I've received notices like this from my CC company and they also state that if I don't accept the new rate, I have to cancel my card. However, it doesn't phase me because I never carry a balance. Oh no, I missed that post the first read-through!! Very sorry, karee.
Posted: 1/29/2009 2:18:04 PM

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