The Rate Jacking Saga Continued
Wednesday, August 26th, 2009About a month ago I received the letter from one of my credit card issuing banks that they were going to rate jack me and that there was nothing I could do about it; even if I rejected the terms they’d take effect. They also only provided about a week to before the new rate would take effect.
Interestingly enough the interest rate didn’t change on the next statement.
Today I received a post card reminding me that I could write to find out why they’d do such a thing, but additionally now gave me the option to call to request the letter of excuses. They also extended the deadline into the middle of next month. The best news of all though is that if I would reject the terms now I’d be able to keep my current terms.
The hilarious little post script on that card said “on a completely unrelated topic” and mentioned the Credit CARD Act, providing a link to more information. It’s hilarious because everything they had been doing thus far is in violation of the new law and the relevant portions (advanced notice and opt-out) conveniently just took effect this month. The CCARDA is related to every aspect of that little post card!
I called, of course, and closed the account to reject the terms. The representative asked me if I was aware of the benefits of card membership, I simply informed her that I was aware of the benefits of not paying 25% interest.
