I switched my Target account over to the Target Visa with Retailers National Bank a couple of years ago. I used the card frequently and had great credit history with the other company and other creditors as well. I am sad to write this report because I LOVE Target products. Then I get a letter this month saying that my APR is going up to 21.9% on the ENTIRE balance of about $8,000.
The letter says, "Following a regular review of your credit card account, we have adjusted the daily periodic rate and corresponding annual percentage rate for purchase on your account. Our decision was based, in part, upon information obtained from the credit bureau listed below." Then after the credit agency listing it totally contradicts itself and says, "The credit bureau played no part in our decision..."
I have NEVER had a late payment with Target. I have NEVER gone over the balance. That is ridiculous in my opinion. It is based on one company that just added a delinquency report to my credit report (a company which I have been fighting for 2 years because it sold me something over the internet and did not deliver).
I am not in financial trouble, but let's say I was. Then Target would be saying, "Well, according to your credit report it looks like you're in financial trouble, so let's go ahead and make it tougher for you."
This is bad business. I have closed the account and filed several complaints.
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