I called the company this morning and they told me that I actually do have an option. I can either convert my APR, which is currently at 4.8% since I had taken advantage of promotional offers, to 7.99% and they’d drop my repayment calculation to 2% of the total balance from the current 5%, OH and drop the monthly SERVICE FEE of $10.00 they are now charging me as well, which they actually charge interest on at 9.99%. Yep, they will CHARGE ME and ADDITIONAL $120.00 a year at 9.99% unless I bow and change to their new terms. And if I cancel and close the account??? They will STILL charge me the $10.00 service fee until my balance is paid in full. Ain’t that some kind of poo?
And the criteria for this change?? As stated in their change of terms (which I finally got by asking AGAIN for it) “The key factors we considered when making these changes include the current APRs and revolving balances associated with your account.”
So, because I had consolidated at their OFFERED reduced APR and played by all their rules and never defaulted, THAT was the criteria for changing my terms. They didn’t want to uphold their end of a deal and did this to force me to change since the greedy pooheads need every penny they can get from me in the new economic climate. I smell class action suit… man I hope a lawyer can figure out how to do that.. I’d be on the bandwagon right away.
And apparently so does my credit card company.
I got a voice message from my credit card company saying that the change in my account would begin with the next billing cycle. Funny, I hadn’t seen any change of terms notifications in my billing statements… hmmm. I figured they were going to raise my payment but wasn’t really too concerned, since I always overpay my account anyway. I’m *trying* to pay off the silly thing, but since I used it to consolidate a few others, it’s not the smallest balance.
Today I got the statement. They didn’t raise my payment by a little bit, they raised it OVER 50%. Now my payment is the equivalent of renting an apartment. WTF?? I’ve paid these guys more than my minimum for years now, never missed a payment and they sucker punch me like this? I got online so I could see the change in terms page I must have missed. They said I had to agree to paperless statements to now be able to look at my account online… um.. no. Then I called to see if I could get a copy.
The woman who answered does not speak English as her first language and must have taken a nasty pill that day. I asked her about being able to see the change of terms on line and she insisted I had gotten a letter in the mail. First off, I’m really an organization freak and I look at EVERY piece of mail I get and I actually READ all the stupid change of term notices they send because I KNOW if you don’t pay attention they will screw you. So I also know I didn’t get a letter. She tells me that there is a notation in my account stating that I got the letter. I asked her how it was possible to have a note in my account, and every other person who go this letter, to positively confirm that I got the letter. I mean, did they have tracers on these letters? Did the postman have to sign a form insuring that the letter got into my mailbox? Ridiculous.
Next, I asked why I can’t get to my statements on line anymore and why did I have to agree to go paperless to look at information online. She said it didn’t matter, the letter had come to me. Ok, I’m getting angry now… I told her I still dispute having gotten the letter, but I want to see it online. She says that the opt out period is over, so I don’t need the letter anymore. I tell her that’s my business and just to answer the question.. why can’t I see it online? She says, AGAIN, that the letter was in my mail and it’s too late.
Ok, then I ask her to tell me why I had the terms change on one account I have with this company, but not on the other. What was the criteria that triggered one account? I still have the same credit rating and payment history no matter which account you are looking at, so why punish me on one account and leave the other one alone? In the beginning of the call, she had verified my info, but now she asks for my credit card number again. Huh? Um no, she should have it there, wasn’t she looking at it? At this point, she’s VERY nasty so I asked if I could speak with her manager. She says that since it’s the weekend, I’d have to wait until Monday, but if I would JUST GIVE HER the information, she’d put a note in my account to have someone call me.
At this point, I gave up. I told her I was not at all happy with her customer service skills and that I would prefer to call back on Monday and speak with someone who didn’t have an attitude and hung up.
Not only was it an ugly experience, but now I have tons of questions as to what and how they base their decisions on how they adjust their terms… it seems like it’s discrimination of some kind if it happened to one account but not the other and there isn’t one negative thing on my account.
I guess I’ll just have to transfer everything off this account and close it. It’s a shame, because I’ve had an account with them for over 20 years, even when they’ve changed banks numerous times. I had consolidated because they had great rates and I NEVER defaulted on any of my payments, so I’m just so ANNOYED. So, now, I WANT MONEY!! And I guess because they’ve made some stupid choices, now they do too!!!