I had been (notice the past tense) a customer of Discover Card for several years. Never late with a payment, more times than not I usually sent a few dollars more than the actual payment.
I had received checks that I could write for whatever and the interest rate would be 5.9 until Feb., 2010 as long as I used the checks before April 17.
Yesterday I get a card, not a letter, but a folded card that did not look important from Discover. The only reason that I even looked at it was because Discover was printed on the outside. Over a very long period of time my interest rate has gone from 8.99 to 16.24. That rate is highway robbery. The card I received was telling me that my rate was going even higher–23.99. Need to make a note here that since Feb 21, $1050. in excess of what was actually due has been paid. No amount of reasoning would persuade them to let my record speak for itself and leave my rate at the outrageous rate of 16.24. The last time I used this card to charge anything was November of ‘05. Each month I was charged $2.99 for wallet protection. I did this only to keep a balance transfer rate at 4.90.
The excuse they used was something on my TransUnion credit report. Now I have more headache and have to get a copy of that credit report as I know of nothing that could change my history that much except a new card with a credit limit of $2,000 of which I only used $600., and am paying back at the rate of $100. per month to avoid interest.
Does any of this make sense to you??? They did because they can.
So, yes, with the help of some of the sites I am participating with, maybe I will be out of debt sooner rather than later.
Til Next Time
