This credit card company decided to raise my interest rate from 16.9% to 28.9%. They did this with a 30 day notice; on a card I have held for 3 years. I have never made a late payment nor exceeded my limit at any time.
My only fault is trying to rebuild my credit after bankruptcy. I was forced to cancel my account with $2,400 remaining as the balance or accept the 28.9% interest rate. I was crushed.
Not that I don't have a credit card anymore but more because I thought I was building some decent credit with timely payments only to find myself stabbed in the back for no reason other than holding a Providian card.
I read some other reports that said they are targeting something like 3.3 million cardholders who have poor credit ratings or a history of late payments so that they can boost their sagging economy (which is due to the prime interest rate being so low for so long).
Apparently the bottom line is that the credit card money is not making enough money to satisfy their investors. One official stated that "... They (cardholders) can try to get a better rate someplace else or close their accounts..." To me this is nothing short of stealing.
Angela
Carbondale, Kansas
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