Credit card Interest Rate

[pichuchy21]

Does anyone have any input on this....

I will try to summarize what happened to me...on 3/5/09 I called my credit card company to opt out of the new changes in terms which basically stated that due to the current economic situation they were going to have to raise my interest rate from 7.9% and 8.9% to 18.99%. I called and spoke to a rep which opted me out of both my cards with this company and informed me that the accounts would be closed and that I would be allowed to pay my balances off at my current interest rates. I asked this rep to please mail me a confirmation letter stating that I opted out, but she said that the credit card company did not do that and that she can give me her name and id number and to just look at my statements and I can see my interest rate on that.

This past Saturday I go online to make my payment and I log into my first account and see that there is a big bold message stating that the account was closed etc. Which is what it should say since I chose to opt out. I log into my other account the one with the 8.9% APR and see that it doesn''t have the same message. I call the credit card company to inquire about it and they tell me that they rep that I spoke to on 3/5 only opted me out of one account and that my new interest rate was 18.9%

I was told that what could have happened that day is that the system updated while she was trying to save the changes and it didn''t save. I was told to speak to an accounts manager and that guy basically told me too freaking bad you should have noticed prior to the last day to opt out which was 4/17/09 and there is nothing he can do about it.

Thats bs because the new higher interest rate started as of this billing cycle so how was i suppose to realize that their employee made a mistake. I filled a complaint with the BBB and sent a certified letter to this credit cards corporate office, but I doubt anything will be fixed.

The accounts manager that I spoke to even told me that it wasn''t that big of a difference in finance charges a month! That is not the point the point is that I refuse to pay such a high interest rate especially now that I am not even working.

Sorry for such a long post, but I really needed to vent.

 

[Italiahaircolor]

Did you ask for a manager?

 

[pichuchy21]

Date: 6/16/2009 10:39:05 AM
Author: Italiahaircolor
Did you ask for a manager?

I did he was the one that said to me the finance charges with the new interest rate was not that much of a difference. I asked him who was his supervisor and he said he was the highest person I can speak to. I got an email from BBB today and they said that they are reviewing my complaint so at least I know that they are doing something.

 

[chrono]

Politically incorrect but I’d tell the Manager that since he deems the interest rate was not that much of a difference, he can pay the difference for you.

Grrr! I hope the BBB will see things in your favour.

 

[pichuchy21]

Date: 6/16/2009 12:11:28 PM
Author: Chrono
Politically incorrect but I’d tell the Manager that since he deems the interest rate was not that much of a difference, he can pay the difference for you.

Grrr! I hope the BBB will see things in your favour.

Thanks Chrono I really hope so to.

 

[purrfectpear]

This should all be moot.

On the day you opted out you should have stopped using ANY and ALL credit with that company, right? Because you believed the cards had been canceled, right?

The "new" interest rate is NEVER retroactive unless you continue to use the cards.

In other words, your old balance (which you shouldn''t really be carrying over anyway

- always Pay In Full each month) will remain at the old interest rate.

Raise holy hell if it doesn''t.

Of course if you ignored the fact that you believed your card was canceled and continued to rack up charges, then you card provider is correct. You kept charging and you''re now at the new rate.

 

[pichuchy21]

Date: 6/16/2009 2:05:32 PM
Author: purrfectpear
This should all be moot.


On the day you opted out you should have stopped using ANY and ALL credit with that company, right? Because you believed the cards had been canceled, right?


The ''new'' interest rate is NEVER retroactive unless you continue to use the cards.


In other words, your old balance (which you shouldn''t really be carrying over anyway

- always Pay In Full each month) will remain at the old interest rate.


Raise holy hell if it doesn''t.


Of course if you ignored the fact that you believed your card was canceled and continued to rack up charges, then you card provider is correct. You kept charging and you''re now at the new rate.

I wish that was the case cause then I would be ok. I stopped using both these cards last May when I lost my job, but have continued to make payments until I pay my balance in full. I even raised this issue when I spoke to the account manager the fact that I haven''t used any of these cards in over a year! He kept saying, "mam there is nothing I can do at this point you should have noticed the mistake before the opt out date". These people are thieves! I am really anxious to see what their corporate office has to say.

 

[D&T]

aww, I"m so sorry about all your troubles. It reminds me of my sister, who had a 0% interest free card for 6 months, well, she waited until about two weeks before the interest rate was about to reset to pay off the balance, sent in the check, wait to see when they would cash the check and cleared it and right after on the due date, still nothing posted to her account, as she thought this was so odd because it only takes about two days to reach the card company and with two days to cash it, like every other month, except this time, well, she calls them and they said that she had NSF in her bank... But then my sis calls her bank and asked if the check even tried to come through and the bank said NO as she knows she had plenty of funds more than enough, it never did go through, and the bank even sent letters and called on my sister''s behalf to make sure the payment was good, so the card company lied, and then charged her retroactive the interest rate from 0% to whatever it was for six months... oh boy was she mad

 

[pichuchy21]

Date: 6/16/2009 2:40:32 PM
Author: D&T
aww, I''m so sorry about all your troubles. It reminds me of my sister, who had a 0% interest free card for 6 months, well, she waited until about two weeks before the interest rate was about to reset to pay off the balance, sent in the check, wait to see when they would cash the check and cleared it and right after on the due date, still nothing posted to her account, as she thought this was so odd because it only takes about two days to reach the card company and with two days to cash it, like every other month, except this time, well, she calls them and they said that she had NSF in her bank... But then my sis calls her bank and asked if the check even tried to come through and the bank said NO as she knows she had plenty of funds more than enough, it never did go through, and the bank even sent letters and called on my sister''s behalf to make sure the payment was good, so the card company lied, and then charged her retroactive the interest rate from 0% to whatever it was for six months... oh boy was she mad

Wow so sorry for your sister. Seriously credit card companies are so shady. Always trying to find a way to rip the customer off.

 

[D&T]

Date: 6/16/2009 2:47:46 PM
Author: pichuchy21

Date: 6/16/2009 2:40:32 PM
Author: D&T
aww, I''m so sorry about all your troubles. It reminds me of my sister, who had a 0% interest free card for 6 months, well, she waited until about two weeks before the interest rate was about to reset to pay off the balance, sent in the check, wait to see when they would cash the check and cleared it and right after on the due date, still nothing posted to her account, as she thought this was so odd because it only takes about two days to reach the card company and with two days to cash it, like every other month, except this time, well, she calls them and they said that she had NSF in her bank... But then my sis calls her bank and asked if the check even tried to come through and the bank said NO as she knows she had plenty of funds more than enough, it never did go through, and the bank even sent letters and called on my sister''s behalf to make sure the payment was good, so the card company lied, and then charged her retroactive the interest rate from 0% to whatever it was for six months... oh boy was she mad

Wow so sorry for your sister. Seriously credit card companies are so shady. Always trying to find a way to rip the customer off.

isn''t that the truth, especially now in this economy. go figure. I hope it turns out to your benefit soon though, when will you know?

 

[D&T]

oh forgot to mention, it took my sister about a month of aggravations, she wrote to the president of the CC company a few letters with the banks backups, and finally they reversed all the fees and the President of the CC company sent an apologetic letter to her. So keep at it, even if you have to write to the CEO, hey it worked for my sister, so who knows.

 

[pichuchy21]

Date: 6/16/2009 2:57:15 PM
Author: D&T
oh forgot to mention, it took my sister about a month of aggravations, she wrote to the president of the CC company a few letters with the banks backups, and finally they reversed all the fees and the President of the CC company sent an apologetic letter to her. So keep at it, even if you have to write to the CEO, hey it worked for my sister, so who knows.

This gives me hope. I sent of a certified letter to corporate yesterday so I hope to hear something within the next couple of weeks. BBB said it takes them 30 days to do a full investigation. I just want this to get fixed my husband and I are in a really tight money situation right now and really can''t afford any extra expenses. I wish I had the money to just pay this card off and never deal with this credit card company again, but unfortunately I don''t

 

[D&T]

oh i hope so too, do come back with your result, If there is other solutions you need as well to help reduce your payment. I can chat with you some more, we were in a tight situation as well a few years back, so i know it all too well. Bless your heart, and *HUGS*

 

[Hera]

I wouldn''t close the second account. You''ll take a hit to your credit score. I would just pay it off and then put them in the sock drawer.