I also have a WaMu credit card. I originally had the card with Providian. I had an interest rate of 25%. A year after WaMu purchased Providian I now have an interest rate of 31.99%. I pay on time every single month. I contact WaMu to inquire as to why the rate was increase. They sent me a letter stating I had not had a long enough credit history with them! But I had a credit history with Providian for two years. I didn't ask them to purchase Providian. I wasn't even given a choice.
I agree WaMu is trying to recoup money lost on all of their foreclosures by sticking it to their credit card customers.
I have sent them an email letting them know that I intend to either stop paying or cancel the card altogether.
Congress is looking into to these unfair practices by these card companies, everyone should write their congressman and demand that they pass legislation that will require that credit card companies charge no higher than a 25% interest rate, and that they not be allowed to charge over limit fees if you have not used the card, and it is their fees and interest rates that cause you to go over the limit in the first place (this is happening to me on another card, and I pay on time every single month!). Being over the limit effects your credit score, thus justifying them to increase your interest rate!
As for WaMu credit score each month. I believe that they have a deal with TransUnion. As soon as your score reaches a decent number, the next month it drops drastically, and they tell you that is why your interest rate can't be lowered. Your score should increase as you pay on time, and attempt to lower your balances.
Unfortunate for me in my state of Michigan there is no usery law for credit card companies. I will write the office of Atty General and request that something be done.
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