This was my first VISA card opened 15 years ago.
I have NEVER missed a payment, NEVER been late on a payment, NEVER been over my limit, ALWAYS pay more than the minimum monthly payment. Over the years my credit limit has rised to $8,500 (on this particular card) and my APR has gone down to 4.75%. (lower than a lot of my friends credit cards.)
My current balance was $1,700 LESS than my limit and I have not charged anything in about 4 months. I have been paying double the minimum to try to pay off in full as in recent years I have had to use credit to buy food and gas on a regular basis. I have NEVER paid ANY bill for ANY other creditor late. I am back on track paying for food and other stuff with regular income and paying off all my balances, none of which are at their limits.
I got notice in the mail that CHASE was raising my APR to 18.75%. I assumed this had to be a mistake. I called their 800# and connected to a nice person in INDIA of whom I could barely understand but could easily tell was reading computer scripted responses. I asked WHY my APR was being raised. 1st she accidentally had someone elses account pulled up on her screen, 2nd she didn't know why (after finding my account info.) Then she said it was because of neg. Reports on my credit (this is a lie, my credit is perfect.) THEN she said it was "probably" because my revolving credit was too high (in other words the balances on my credit cards were too close to the limits in their opinion.)
I asked HOW can a customer of 15 year with a record of (read paragraph one) be treated like this? She didnt know. I spoke to a supervisor but could barely understand 1 of 5 words she said.
My choices... 1) accept the rate hike 2) close my account and pay off the balance at my 4.75%.
I chose to close it, with tears in my eyes since this was my first credit card ever that I have had for 15 years.
I also have a MC with a 6% rate with another company that I am now paranoid about doing the same thing. I have a 3rd with WAMU at 10.5% same deal. I have a best buy card with 8K credit limit at ZERO balance (0% APR for first year of purchases.) Again, read paragraph ONE for my history.
I feel they are SHAKING DOWN all their low interest rate customers for no valid reason in order to collect fees from those who pay late or what not. I DON'T understand why I am considered a BAD customer worth losing considering there are tons of people who pay late, dont pay at all, go over their limits and already show history as such. I have NEVER had a problem in the past and fear this is only the beginning.
I have read tons of stories about people paying late (with usually beyond their control intentions but late non the less) complaining of similar situations. I have never been late, over limit, maxed out etc. And am still being treated the same. So it's not just imperfections of you I now understand. It's basically everyone they are ripping off. And I have read similar stories with other CC's.
I would love a wamu person to explain WHY I am not worthy as a customer but more important I would like to say to only hold a CC as an emergency, even if you are rich, because if you dont pay off the full balance you may be screwed regardless of if you can afford it or not. And if you can't, that is about 90% of Americans.
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