30% apr??

[Semidevil]

what the heck. I just checked the status on my Credit card, preparing to pay some bills, and it went form a 12% to a 30% apr.

I called them to ask why the change, and the lady said that they reviewed my credit and decided to change because since I used the credit card for more purchases, my revolving credit increased compared to my limit.

Even though I pay on time, they still decide to up my apr just because I''m being a good customer and use their credit cards.

anyone have this happen? any suggestion on how get the apr down??

 

[Pepsi90919]

who cares, just pay it every month and send them a big FU

 

[KLin]

Balance transfer to another credit card.

 

[Strk]

Which CC did this?

 

[Thorny]

I believe that unless your account is in default, they must notify you by mail of an APR change. The only time I had this happen to me I had to quit using the card and write them a letter saying I didn't agree to the contract amendment. They then changed it to the original rate, but if I used the card again the whole balance would go to the new rate. This happened after a large purchase also, coincidentally :roll:

I paid off the card pronto and then they called and ask if I would start using the card again if they lowered the rate. I politely told them to get bent.

 

[vetteguy]

Originally posted by: Pepsi90919
who cares, just pay it every month and send them a big FU

Unfortunately, not everyone is able to do this.

I had the same thing happen...one month it was 13.99, the next, 27.99. They said basically the same thing, that since I had opened another account I had more "potential" credit, and therefore was a larger risk.

 

[waggy]

i would cancel the card. FVCK that. thats insane.

 

[Semidevil]

update:

for anyone that was curious, it was chase that increased teh apr.

so I called BOA, and got a promotional 0% apr and transferred ALL of my chase balance to BOA.

take that Chase!!!

 

[KLin]

Originally posted by: Semidevil
update:

for anyone that was curious, it was chase that increased teh apr.

so I called BOA, and got a promotional 0% apr and transferred ALL of my chase balance to BOA.

take that Chase!!!

How long is the promotion? 6 mos? A year?

 

[kranky]

What was your credit limit with Chase, and what was your balance?

 

[lupi]

Originally posted by: Semidevil
update:

for anyone that was curious, it was chase that increased teh apr.

so I called BOA, and got a promotional 0% apr and transferred ALL of my chase balance to BOA.

take that Chase!!!

I'm sure all the forthcoming illegals also applying to BOA will thank you.

 

[Semidevil]

Originally posted by: kranky
What was your credit limit with Chase, and what was your balance?

the balance was around 9,000.

My balance was around 500, and I just bought 2 airline tickets which put it up to around 2500. after the increase in apr, the interest was around 65 dollars......

 

[FoBoT]

change cards, they don't want you

 

[kranky]

Very harsh of them to ratejack you when you were using less than 30% of your credit limit. Is there any chance something negative has shown up on your credit report?

But all you can really do is move the balance to another card. Clearly Chase doesn't want to keep you. Just points out why it's key to have other accounts open in case something like this happens.

 

[apologetic]

Yup, I had too many inquiries to my credit and my interest rate jumped up also. Only one company has done this though (Chase).

 

[jiggahertz]

I had a GM card through HSBC and they upped it 3 times on me. Was able to pay it off thankfully.

 

[Strk]

That's two companies I'll never get a CC from. I've had Amex, Capital One, Discover and Citi and have never had that happen before. I hope I never do, either.

 

[halik]

Originally posted by: Pepsi90919
who cares, just pay it every month and send them a big FU

 

[bennylong]

My Chase card went from 6.9% to 24.99% in one month. Oh well, I pay full balance every month so who cares.

 

[halik]

Originally posted by: Semidevil

Originally posted by: kranky
What was your credit limit with Chase, and what was your balance?

the balance was around 9,000.

My balance was around 500, and I just bought 2 airline tickets which put it up to around 2500. after the increase in apr, the interest was around 65 dollars......

no offense man, but 10K in cc debt means you're broke. I wouldn't be flying places I can't afford...

 

[KLin]

Originally posted by: halik

Originally posted by: Semidevil

Originally posted by: kranky
What was your credit limit with Chase, and what was your balance?

the balance was around 9,000.

My balance was around 500, and I just bought 2 airline tickets which put it up to around 2500. after the increase in apr, the interest was around 65 dollars......

no offense man, but 10K in cc debt means you're broke. I wouldn't be flying places I can't afford...

I think he meant the limit was $9,000.

 

[MrBond]

I think my interest rate on my Chase cards is around 30% too. I've had one of the cards for 7 years with ONE late payment.

Only one of the cards I use anymore and it's paid off every month anyway, so it's not like the interest rate really bothers me (it's more motivation to remember to pay on time).

You want to hear about some crazy interest rates, check out those check-cashing places. They have APR's higher than 300%.

 

[engineereeyore]

Tell them to drop the APR or close the account. If you have balance transfers available on other cards, use that to transfer over any remaining balance. Until that time, if they won't drop it, tell them to close the account. If you have any balances at this time, they'll just freeze it rather than closing it until you pay off the remainder.

Usually you have to do something drastic to get their attention. On the other hand, I close it anyway cause that's just wrong. I've never had a company do something like that.

 

[ElFenix]

Originally posted by: Semidevil
update:

for anyone that was curious, it was chase that increased teh apr.

so I called BOA, and got a promotional 0% apr and transferred ALL of my chase balance to BOA.

take that Chase!!!

yeah, chase blows. they dropped the limit on a card from something not very large to something almost unusable for no apparent reason (hadn't gotten increased line or anything on any other cards) the day after i paid off the card (balance hadn't been on it long, bascially some pre-xmas shopping that i paid off in a month).

 

[Gooberlx2]

Originally posted by: KLin
Balance transfer to another credit card.

:thumbsup: There's no reason to put up with such crap.

It's sad to hear it was Chase (I'm sure BoA would do the same). My wife and I just consolidated a bunch of high APR cards into our Chase card because it's 5.82% for the lives of those transfers...damn better than the 20% with Wells Fargo and 25% with Discover.