I applied and received a credit card from Fleet Plantinum with and interest rate of around 10%. Never having been late or having over the limit balances I was shocked when I saw that they had raised my interest rate to 22.99%. When I called to ask about this, after I recieved a statement where I had on the previous month mailed in the minimum due, was shocked to see that I had a overdraft limit on it. What I found out was that the minimum due was not enough to cover the the interest that was accummulated after raising my interest rate almost 13 points.
I asked why this had been done when I had had an excellent repore with them over the last year. I was informed by some snotty condescending bitch, which is really only word I can use to describe her, that after 1 year a new credit check was done on me and they noticed a late payment on a mortgage from a house I had owned and when I lost my job it was late, but was paid. I was now considered a HIGH risk, nice of the greedy bastards. She said she would not reduce my interest rate, so I immediately closed the account and sent in what cash I had on hand to bring down the balance to keep these sleezy money grubbing slugs from getting anymore money from me than possible.
I contacted the attorney generals office here in Ohio to inquire if what they had done was legal. I was informed that they can bascically due anything to anyone they want and there are not laws to protect you.
I recommend to anyone that has a credit card or is thinking about getting one, do not do it. They are just criminals waiting to take advantage of anyone and they get away with it because the laws in this country to not protect the consumer even though we are told that we have consumer protection laws. What I found out later was Fleet has a class action suit against them over the minimum balance due not covering the amount of interest they will add to your balance each month, this is so they can charge you and additional $30 dollars on top of the interest. Why there are not laws to protect the consumer from such preditors is beyond comprehension sometimes. These companys are wealthy and they are getting that way by their unethical practices and exploiting the consumer. They had no grounds to raise my interest rate except that they could do it and their was nothing I could do about it.
I hope there is a HELL waiting for people who run companies like Fleet.
Please anyone who reads this do not apply for a credit card from Fleet even if they send you some great deal in the mail. I feel for that scam. Tear up the cards and pay them off, pay double, triple whatever you can, do not let these crooks get anymore of your money. Most of use have to work to hard and put up with to much stress to allow these criminals to legally take it from you.
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