I have been a long time customer of Sears and have had their credit card for many years. I normally carry no balances, pay on time, and miss no payments. Recently I was carrying a small balance for my business. For quite a long time the interest rate on the card was 5.99% and I would pay it off completely in a couple of months and then put another charge on to carry for about 3 months at a time.
Last week they raised my interest rate to 21.99%. I was outraged and called to complain. I was told that it had nothing to do with my credit history, but they were raising rates across the board, and there was nothing they would do to change it. I immediately paid it off completely, but I will not give them the satisfaction of me canceling the card. They can keep that credit line open on their books, but I will not be using their card. I have threatened to file a class action lawsuit, if they close it.
I have also written to Pelosi, Dodd, and my legislators to tell them to STOP ALL PAYMENTS to these large gangster banks and no toxic asset bailout. We all need to write and put the pressure on congress. They need to support the small local and regional banks and not waste our money on these greedy banks.
My local bank issued me a card with a $10,000 limit at 6.99% and it was approved in a couple of hours. Patronize the small banks. They want our business and will value us as customers. The big banks need to die.
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