My husband & I have had a AAA Visa Platinum Plus card with 7.9% fixed interest rate for over 2 years now. I just opened my July statement and my new rate is 19.98%! I called immediately to let them know there must be a mistake. Nope! Their reply to me was that I am only making my minimum payments every month so they consider it an unsecured loan. Is this legal??? I thought a fixed rate meant just that... They cannot change it unless I do not pay or am late. I have never been late on a payment and sometimes send them 2-3 times the minumum reguired payment.
The supervisor assured me that I had never missed a payment and I have excellent payment history. So why raise my interest rate by 12%? I have requested a copy of my original contract with my signature on it, but she told me they were recently bought by another company so I am at a loss as to what to do from here.
And I would like this investigated and know the outcome so I don't have to worry if my other creditors will do the same thing. It seems very crooked and should be illegal when a contract is changed by the holder.
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