I had been a platinum cardholder for nearly 10 years until I finally caught onto some practices that were quite disturbing. I had made a few late payments over the years and noticed that First Financial Bank had ad hoc raised my APR from 9.00% to 25%!!! After contacting them to discuss this, they agreed to reduce the APR back to 9.00% back in April. Then without any notice or forewaring, they raised the APR back uo to 22%!!! When I called to get an explanation, they said the comapny determined that they had to raise APR's to remain profitable as a company. They could offer me 16% to stay on. This random increase/decrease is exceptionally disturbing given that I have been a long time customer in good standing and carried roughly a 30% balance to credit limit ratio. I understand that Credit Card companies are hurting due to the economic climate and certain losses that they are trying to cover in their books. I cancelled my account immediately. Also, FFB would also charge a $9.00 Fee just to pay online or over the phone. What a rip off! Anyway, the Rep. Told me my credit report would be harmed by doing so and that if I transferred the balance to another Credit Card, I wold face the same situation. I corrected her immediately and told her that I work with USAA and that they do not treat members of the military and their families in this manner. I'm glad that Congress has passed a law to keep companies like First Financial from continuing to rip people off!!! It's companies like this that monopolize on Consumers and are at fault for creating many of the reasons why Americans are in debt and struggling financially. First Financial Bank is not in the business of helping people at all.
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