I received a special introductory invitation from FirstUSA at the low introductory intrest rate of 3.90 % on a Visa Titanium card. The rate would change after the six month period to 9.90% Fixed. This offer was good on all balance transfer with no fees. So I transfered all of my smaller credit card charges and paid my monthly payments on time with no surprises until, the April statement came.
There was a small change in my intrest rate, 19.49% on purchases and 19.99% on cash advances. Like most people I called FirstUsa about the error. I was told it was not an error, they really did not know why the rate was changed, my payments were on time, it may be something we found in your credit report but were not sure. They went on to say that they sent out a notice in January advising me of the change to my rate and that they could send out another letter, other than sending the letter there is nothing else that they can do and there are no options.
There has to be something that can be done about this. I have a $13,000 balance with finace charges of $100 a month. Now its $209.00 per month in finace charges. It would have taken 6 years to pay off the balance with a minimum payment. With the new rate it would take over 12 years. Do they think that changing the rate willl hlp me pay them faster? Not, most likley it will make consider filing Chapter 11.
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