PSA: Check your Credit Card APRs!!

I am embarassed to say this but since I pay our credit card bills online I usually just rip up the paper statements when they come.

Apparently in November I got a notice stating the new rate the company was issuing to all clients was prime + ungodly amount which now comes out to 18%! I had the option to "opt out" and close the card, paying off at the lower rate. However, I never saw the notice so I never responded

I happen to pay my card yesterday and noticed the rate. I was freaked out bc I have been a customer for over 10 years and never had a late payment. I called them and fortunately got it down to 12% (still kinda of high) but it s*cks bc this is our credit card with the "big bill".

Just wanted to let everyone know, I can't imagine how i would feel if I realized this later!

Re: PSA: Check your Credit Card APRs!!

it's so strange - DH and i haven't used our regular credit cards in MONTHS (only a couple of small store credit cards that we pay off in full) and some are raising their APRs while some are lowering them. and then my BOA cards lowered their limits. it sucks but good thing you were able to get them to lower it!

Re: PSA: Check your Credit Card APRs!!

I would look for a new card to transfer to. I am still getting 0% balance transfer offers (luckily I have no balances though)

It is crazy how the APRs vary on cards...my citicard is 7% but my Discovercard is 19.99%!!!

Re: PSA: Check your Credit Card APRs!!

yeah, my capital one just sent a notice that they're changing it to 21%

and all of a sudden, BOA is charging a fee for their checking account? My DH noticed a fee on the online statement yesterday? W-t-f?

Re: PSA: Check your Credit Card APRs!!

none of ours went up that high but if it makes you feel any better, I just got a BOA card with a 0% for everything until March 2010.

The other cards I have are 7.99% and 9.99%. I rarely use those and when I do I pay them.

I do the same as you but I check the statements because I heard the cc companies were raising rates. I guess they have to do something to get money through fees.

I heard that Capital One is the worst offender.

Re: PSA: Check your Credit Card APRs!!

on the other message board i hang out on, a lot of people are saying the same thing.

thank God, i no longer have cc debt

Re: PSA: Check your Credit Card APRs!!

Someone was telling me the same thing happened to them - it was for an account that was always paid on time and usually in full. Any time there was a balance on the account, way more then minimum payments were made and the balance was paid off very quickly.

When she called the bank they told her it was because she was TOO GOOD a customer and they didn't really make any money on her account. As a reward, they raised her interest rate.

Re: PSA: Check your Credit Card APRs!!

Posted by Christine

Someone was telling me the same thing happened to them - it was for an account that was always paid on time and usually in full. Any time there was a balance on the account, way more then minimum payments were made and the balance was paid off very quickly.

When she called the bank they told her it was because she was TOO GOOD a customer and they didn't really make any money on her account. As a reward, they raised her interest rate.

Re: PSA: Check your Credit Card APRs!!

I was paying my Macy's bill a week ago and noticed that the interest rate was 23.9%!!!!!!!!!!!!!!

I always pay off my CC's in full, but STILL!

Re: PSA: Check your Credit Card APRs!!

Posted by Christine

Someone was telling me the same thing happened to them - it was for an account that was always paid on time and usually in full. Any time there was a balance on the account, way more then minimum payments were made and the balance was paid off very quickly.

When she called the bank they told her it was because she was TOO GOOD a customer and they didn't really make any money on her account. As a reward, they raised her interest rate.

Re: PSA: Check your Credit Card APRs!!

I have excellent credit and just got a rate increase from Capital One to 29%. I never carry a balance on any cards but I feel like I need to cancel that card on principle.