I was a Discover Card member since 1987 with an excellent history of submitting payments days if not weeks before the posted due date. Last week I received my statement and to my surprise discover the interest rate on the card had increased to 29.9%, when I contacted Discover Card they informed me that they had increase the rate due to a couple of late payments, one missed the due date by 2 days and one missed the due date by 3 days, because of this they have the right to increase the interest rate.
I inquired if the interest rate could be lowered as the payment delay could have been due to slow processing or delayed mail delivery. I was told that the interest rate could be lowered to 24% but that was all they could do, even despite customer loyalty and 22 years of steady reliable payment. Outraged over Discover Card's extreme lack of customer service I canceled my card and will pay off the balance before week's end.
My advice is to shop around prior to signing up with any credit card company, many have low fixed rates and care about their clientele, credit unions typically offer some the best deals around, always check the amount of interest you are being charged and immediately cancel any credit card company trying to rip you off with unusually high interest rates and by all means beware of Discover Card, may their unethical business practices put them out of business.
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