Chosen by Asker

this is a good site to find out what banks are doing I now know that Chase and Bank of America, are aggravating their costumers, and have had a lot of complaints on Yahoo Q&A . I would say keep complaining up to the Highest Managment you can get, until someone hears you, before cancelling your Credit Card.

by pooterilgatto

2 years ago

Asker's Rating: 

I beleive you can call & send them a written statement that you refuse to their new rates but you can no longer use the card.

by Sammy&Pete- 2 years ago

Actually this is not new. Credit card companies these days try to charge you fees whenever they possibly can. And every statement on the back has their policy stating that your rate is subject to change if there's a late payment or your account goes into default. What seems strange to me though is if you are not 30 days late, most of time, especially if you have been paying your credit card on time, it will not affect your rate or credit score whatsoever. If you just a day late, your rate shouldn't have changed whatsoever. I would call them and find out and have someone on the phone reverse it or negotiate it. Mention that you have been paying your credit card on time and other cards have offered better rate to you. Perhaps they will lower your interest rate if they are not willing to reverse it. I am speaking from my experience. I called my credit card company when they raise my interest rate and I was able to negotiate with them. Try it. It doesn't hurt.

by vivianmopena- 2 years ago

do to the fact that you accepted the card agreement when you activated the card there is very little that can be done. The card issuer reserves the right to change the due date on your card and the interest rate as they see fit within the legal limits set down under state and/or federal law, depending on which are stricter in your state. the only thing that was required of them is that they provide you a notice of due date change on the payment statement or online statement prior to you due date. If you are told that your due date is the 15th but you always paid on the 16th every month it is on you to keep up with that and make your payments accordingly. most banks have gone to banking day vs set day for cylcles now. that means that the day can change every month and move as much as 3 or 4 days difference each month based on holidays and weekends. The only recourse that you have is to close the card out, but check if there is a clause for that in your card agreement. some people find thier interest rate going up for doing this if they don't pay the card off in a set amount of time.

by nyxcat1999- 2 years ago

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by dolly blaine- 2 years ago

The same thing happened to me and boy was I sooo p.o'd. I immediatly called them and said "I don't agree with your new intrest rate and therefore I am cancelling the card." They were amazed that I knew my rights. Right away they put the rates back down to where they were previously, and told me my card would not be renewed in August. Oh, darn, I'm really upset (not).

by Jill S- 2 years ago

Something like this happened to me. I called the credit card company and pointed out to them that I had never missed a payment and always paid more than the minimum amount and they reversed the charges and changed my interest rate back to what it was. It was Chase too. If this doesn't work, I'd pay it off. It's always a good idea to always double check everything on a credit card statement. Those banks love to collect more fees and interest if they can. Good Luck

by Cool_MeMe- 2 years ago