Paying Attention

[legalmoose]

So, I get this notice from one of my credit card companies. It's the usual, "we're changing the terms, blah, blah, blah," type things, which people I guess usually just toss since it's typically written in a lot of legalese. I decide to peruse the thing, see if there's anything that pops out, and lo and behold, in the middle of the first page:

Your APR for [pretty much everything] is chaning to a corresponding ANNUAL PERCENTAGE RATE of 24.99% (Daily Periodic Rate (DPR) of 0.068465%).

We increased your APR due to the balances and APRs on this account.

Exsqueeze me?!?! I always pay off this account every month, there's never a balance on it. The 'new' rate is almost 1.5 times more than the current (10.99%), not that any rate matters much since I always pay it off, but yeah, no, I don't think so. I guess I don't make them enough money as it is, so they want to squeeze more blood out of this stone.

Further down there's a procedure to 'reject' the change, which involves writing to them, they won't take just calling them (which has, of course, always worked in the past - to call and object and get any interest rate changes reversed or lowered below the current). I guess I'll be sending a letter next week. If they up the rate, that's the end of using this card, rewards or no. I won't close the account as it's my oldest credit account, but I certainly won't give them any more business.

I guess the point of this is that it pays to read those standard notices (financially, at least - I won't mention what it's done to my blood pressure today).

View this post at the Glen

Comments

[canis-lupus-va.livejournal.com]

EEEEK. I'd still be tempted to call and bitch to someone just for my own satisfaction. :)

[thespisgeoff.livejournal.com]

You haven't made any money for them by paying off your balances each month - so of course they're going to increase your rate. You're their worst customer!

[toddmichael.livejournal.com]

That's crazy. Good move writing the letter and not closing the account. Did you try calling anyway?

[chrishansenhome.livejournal.com]

I understand that people like you and me are referred to fondly by the banks as freeloaders, since we pay off our balances each month and do not incur interest charges. You may remember my post in which the bank sneakily changed its rules" (http://chrishansenhome.livejournal.com/203056.html) and I didn't twig, thus incurring some interest. Then they managed to lose a cheque (http://chrishansenhome.livejournal.com/225532.html), which cost me lots of time and aggro. They are obviously hoping you'll neglect to pay one month, and then they'll get some interest out of you.

Banks are horrible.