10 October 2006
Let them pay for their greed
Boy, do I know what this is like:
Today, I discovered that we had a credit card company unexpectedly and unannounced (although they claim to have sent some notification months ago) raise our APR from 11.99% to 29.99%. Thirty [CENSORED] percent!!!
That is Congressionally enabled highway robbery! Period!
The outrageously higher rate wasn't because we had missed any payments or that we had gone over our limit. It wasn't because we had a sudden change in our credit score, which has been about the same (give or take a couple of points) for the last two years. They claimed it was a decision based on an overall credit analysis. In other words, in corporate speak, they did it because they could.
Been there, done that. The bank in question used to make an easy thousand dollars a year from my card accounts. No more.