My credit card interest rate raised almost 9 percent last month. When I called Washington Mutual aka Wamu card, I was told it was because prime rate raised.
Are you kidding me??? I advised the customer service person that prime was down right now and that it never raises 9 percent at one time. She advised me that they could raise my rate at any time because it was in my contract. I have been with this credit card company for over 7 years, have never been late on a payment, and always pay more than minimum due. Needless to say I closed the account. But decided to call back and speak to a supervisor. The supervisor told me they had put me down as an "at risk card holder" and that is why my interest rate rose. From time to time they evaluate customer profiles and decide if they are an "at risk cardholder" and raise the interest rates.
Are you kidding me? I own my home, just bought a new car a few months ago, not to mention I pay all my bills on time. But I am "at risk"... At risk of what... Paying on time?
The supervisor did say she will have my interest rate dropped back down for future payments, just not to my original rate.
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