I believe that I am echoing the same posts already on this site. I have a Direct Merchants Credit Card that had an introductory rate of 0% for six months, and then a 16% APR thereafter. I transferred some balances etc. And thought nothing more about it.
As I approaced the credit limit of $ 5,000 on the card, I got the same letter everyone is talking about. They chose to raise my interest rate to 29.99%. I couldn't believe it. I got a copy of my credit report to see if there was a problem, as has always been the case. No problem, excellent credit with no blemishes.
I called to ask them if this was a mistake, and why they had done this. They told me that it had nothing to do with my credit, they had raised rates across the board to increase revenue, just like the letter said.
I have since lost my job of 13 years, but was still paying all my bills, however I am considering letting this one go. As these complaints rise, I feel a class action somewhere in Direct Merchants future.
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