UNLAWFUL INTEREST RATE CHANGED-I was "solicited" by DIRECT MERCHANTS BANK to receive their low interest mastercard. I accepted due to the low rate and transferred and paid off other charge accounts that had higher interest rates. I have been a loyal faithful customer for almost 2 years, NEVER LATE, and always paid more than the minimum amount due.
Recently to my surprise I noticed for the first time that they had increased my interest rate to "23.99%" yes an increase of over 12%!!! When I called them they said they ran a credit report and my score was not high enough to support a low rate??? Bullshit, I have NEVER been late on any of my accounts and this can be verified thru any of the credit reporting agencies. I HAVE SEVERAL OPEN ACCOUNTS THAT ARE ACTIVE AND ALL ARE CURRENT!!!
To me this is taking advantage of someone who has closed accounts and moved the balances over to Direct MERCHANTS TO HELP ON THE INTEREST RATES. They are a bunch of dishonest, lying, deceptive people... I would never refer anyone to use them. They'll screw you in a new york minute, so help me God!!!
0 comments