Review CC APR every 6 months?
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| Thu, 01-12-2006 - 2:52pm |
I am constantly amazed at all the sneaky ways credit card companies have to get money out of you!
I had a question about my interest charge on my Chase platinum card yesterday which resulted in my having to call and speak to a service rep. I was shocked to find out that the APR on the card had worked its way up to 20.4%! It's not specifically listed anywhere on your statement. I have had this card for several years and I've never made a single late payment on it or gone over the limit. I was transferred to another guy and I asked him why I was being charged such a high rate. He responded, and I must say he sounded like he was scolding me, "Well, you should be calling us every six months to review your interest rate. It doesn't look like you've been calling us to do that."
WTF?? Has anybody heard that we should be calling all our credit card companies every 6 months to "review" our interest rates? Otherwise, it could just get raised every time the prime rate goes up, which is frequently these days! And they just raise the rate without telling you.
So Mr. Smug Attitude ended up dropping my rate to 17.99, which is still outrageous. I'm in the process of refinancing my house and will end up paying the thing off in a couple of weeks anyway, thank God. It's the only debt I have except my mortgage, and I'll be glad to be done with those greedy folks.
Thanks for letting me vent!
Best,
Nini

A very well-deserved rant, Nini.
All my best,
Danni