Credt Card rant, and PSA
Feb. 24th, 2009 12:12 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
gategrrlPSA: If you have a credit card, and you get something in the mail that says it has to do with your card account OPEN IT! And then READ IT!
It's well-known all the dirty tricks that card companies are using on their customers, like raising their interest rates if you're late on your other bills, or shop at Wal-mart [on your card] and so forth.
The Guy just received a note in the mail from Capital One that they're going to raise his rates in one year (I think-I'm unclear about this because of the way they've phrased everything) from his current low rate to one that's over double what he's paying now. That's a rate going up to "equal to 17.9%, and will vary depending on the Prime Rate. Yippee. We're going to try and pay down his balance before next January and get rid of it before the rates shoot up.
For many card holders, they don't get that amount of warning. Some, the rates shoot up from one statement to the next. I know that most of my flist is VERY responsible and checks that stuff--but double-check it, and read EVERYthing that comes in the mail. The card companies are scrambling and they're making their customers pay for it in every pseudo legal way they can get away with.
It's well-known all the dirty tricks that card companies are using on their customers, like raising their interest rates if you're late on your other bills, or shop at Wal-mart [on your card] and so forth.
The Guy just received a note in the mail from Capital One that they're going to raise his rates in one year (I think-I'm unclear about this because of the way they've phrased everything) from his current low rate to one that's over double what he's paying now. That's a rate going up to "equal to 17.9%, and will vary depending on the Prime Rate. Yippee. We're going to try and pay down his balance before next January and get rid of it before the rates shoot up.
For many card holders, they don't get that amount of warning. Some, the rates shoot up from one statement to the next. I know that most of my flist is VERY responsible and checks that stuff--but double-check it, and read EVERYthing that comes in the mail. The card companies are scrambling and they're making their customers pay for it in every pseudo legal way they can get away with.
