When I received my July 08 statement; I noticed that the APR went from 12.49 to 21.99%, I never received a letter in the mail regarding this. I looked back and this was done in March 08. I sent an email through the website asking why this was done and received an email back from a rep not giving me any info but suggesting that I contact a Debt consolidation company as from my email it sounds as if I am experiencing hardship!!! My bills are always paid in a timely manner for more than the minimum.
I called; I was told that the rep didn't know why, I asked to speak to a manager, I was told it wouldn't help the manager would tell me the same thing. I asked to speak to manangement anyway, I was disconnected. I called back 6 times was left on hold and disconnected. I finally reached a supervisor who told me that there was a note on my Dec statement stating that the apr would rise and that I should have called if I didn't want to accept it. I NEVER saw a note on my statement, and always pay online so I probably wouldn't have noticed the small note. I was told there was nothing they could do because I hadn't responded by the given date. He then told me I could speak to his supervisor! She finally after I broke down in tears, told me that I could close my card (which also hurts my credit as it was a long time card) and the apr would go to 12.99.
I have great credit and I feel like I was totally scammed. So basically they got alot of extra money out of me.
A lesson well learned. Hard working good bill paying customers are being penalized for no good reason. This is really sad. I am going to give my credit union more business and tell everyone who banks with them to beware.
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