In August, we closed this account because they raised our rate. The reason they raised our rate was because of late payments showing up from another company on our credit report. However, these late payments were put on our credit report by mistake, and we had them removed from our report. We also have never paid anything late.
When we called this company to get our rate back to our original rate, they refused. They said the best they could do is put it back to the most recent rate of 15.99% and that we would have to close the account to do that. We agreed to that.
In January of this year, we received our credit card statement. The rate on it had been increased to 29.99%. When we called, they told us that they had sent us a letter in October telling us that they were going to increase our rate and that we needed to opt-out of this. We never received this mailing — the previous notices were sent in with our credit card statement, but according to customer service, this was sent separately by first class mail.
HOWEVER, we closed the account, why do we have to opt out of anything? So, your account is closed, and they're going to send us a letter..."if you don't want us to double your rate on your closed account, you need to opt out." Their bottom line was that since we had not opted out, this rate would stand. This is absolutely insane.
We asked to speak to the supervisor and were told that we needed to call back during business hours. We called at 6:15 pm EST and the company we were calling was in South Dakota — wouldn't that be business hours?
We got the name of the supervisor and the president of the company, and will be calling tomorrow.
In this time of severe recession, this company is preying on people and gouging them. This is not right and needs to be fixed.
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