Cross Country Bank ripoff Boca Raton Florida
i applied for a credit card from cross country bank the interest was18% i paid on time then i had financial problems where i could not pay my bill i later found they were charging me 26.99 interest i feel like they have ripped me off
because they raised the interest rate i feel like i have paid enough .they are calling me making threats to me they have their goons hounding me. im on disability they say i owe 874.37but i feel that i was ripped off because they raised the interest rate i was not notified that it had been raised id like my money back or them quit calling me threating me
margaret
frankfort, Kentucky
4 Updates & Rebuttals
Josh
Nashville,Tennessee,
Consumer Comment
#5Consumer Comment
Mon, July 01, 2002
Never having dealt with Cross Country Bank myself, I may be writing out of turn here, but I'm pretty confident in my knowledge of credit and finance to believe the following may be what happened.
Most credit card lenders are willing to give lendees a low interest rate, either for a specific term (ie 12 months), or until certain conditions are violated. This is a promotional/marketing strategy, used to capture market shares.
I imagine that is the case described in this complaint. Unfortunate as it is, and being one who has fallen on hard times myself, I must admit that you probably violated the conditions set forth in your original agreement. I have had a couple credit cards issued to me following the "hard times" I mentioned previously, cards with very attractive interest rates (one under 10% a few years ago). However, all of them have come with a string...if I am late, even once, they will increase my interest rate to 21.9%+
How is this done without notifying me? Well, because those are the terms I agreed to at the outset, rather than an actual change of terms, there is no regulation requiring I be notified. A change of terms that I've never agreed to must be preceded by an official notification, giving me the opportunity to resolve my debt with the lendor prior to the terms changing (which, for most consumers, is of little use ... most of us can't pay off our card balances within a month of notification, and are stuck with the new terms whether we like it or not).
The only advice I can give is stop using the card, pay off the balance as quickly as possible, and go to a different card issuer who might be willing to offer you a sweeter deal on interest.
Josh
Nashville,Tennessee,
Consumer Comment
#5Consumer Comment
Mon, July 01, 2002
Never having dealt with Cross Country Bank myself, I may be writing out of turn here, but I'm pretty confident in my knowledge of credit and finance to believe the following may be what happened.
Most credit card lenders are willing to give lendees a low interest rate, either for a specific term (ie 12 months), or until certain conditions are violated. This is a promotional/marketing strategy, used to capture market shares.
I imagine that is the case described in this complaint. Unfortunate as it is, and being one who has fallen on hard times myself, I must admit that you probably violated the conditions set forth in your original agreement. I have had a couple credit cards issued to me following the "hard times" I mentioned previously, cards with very attractive interest rates (one under 10% a few years ago). However, all of them have come with a string...if I am late, even once, they will increase my interest rate to 21.9%+
How is this done without notifying me? Well, because those are the terms I agreed to at the outset, rather than an actual change of terms, there is no regulation requiring I be notified. A change of terms that I've never agreed to must be preceded by an official notification, giving me the opportunity to resolve my debt with the lendor prior to the terms changing (which, for most consumers, is of little use ... most of us can't pay off our card balances within a month of notification, and are stuck with the new terms whether we like it or not).
The only advice I can give is stop using the card, pay off the balance as quickly as possible, and go to a different card issuer who might be willing to offer you a sweeter deal on interest.
Josh
Nashville,Tennessee,
Consumer Comment
#5Consumer Comment
Mon, July 01, 2002
Never having dealt with Cross Country Bank myself, I may be writing out of turn here, but I'm pretty confident in my knowledge of credit and finance to believe the following may be what happened.
Most credit card lenders are willing to give lendees a low interest rate, either for a specific term (ie 12 months), or until certain conditions are violated. This is a promotional/marketing strategy, used to capture market shares.
I imagine that is the case described in this complaint. Unfortunate as it is, and being one who has fallen on hard times myself, I must admit that you probably violated the conditions set forth in your original agreement. I have had a couple credit cards issued to me following the "hard times" I mentioned previously, cards with very attractive interest rates (one under 10% a few years ago). However, all of them have come with a string...if I am late, even once, they will increase my interest rate to 21.9%+
How is this done without notifying me? Well, because those are the terms I agreed to at the outset, rather than an actual change of terms, there is no regulation requiring I be notified. A change of terms that I've never agreed to must be preceded by an official notification, giving me the opportunity to resolve my debt with the lendor prior to the terms changing (which, for most consumers, is of little use ... most of us can't pay off our card balances within a month of notification, and are stuck with the new terms whether we like it or not).
The only advice I can give is stop using the card, pay off the balance as quickly as possible, and go to a different card issuer who might be willing to offer you a sweeter deal on interest.
Josh
Nashville,Tennessee,
Consumer Comment
#5Consumer Comment
Mon, July 01, 2002
Never having dealt with Cross Country Bank myself, I may be writing out of turn here, but I'm pretty confident in my knowledge of credit and finance to believe the following may be what happened.
Most credit card lenders are willing to give lendees a low interest rate, either for a specific term (ie 12 months), or until certain conditions are violated. This is a promotional/marketing strategy, used to capture market shares.
I imagine that is the case described in this complaint. Unfortunate as it is, and being one who has fallen on hard times myself, I must admit that you probably violated the conditions set forth in your original agreement. I have had a couple credit cards issued to me following the "hard times" I mentioned previously, cards with very attractive interest rates (one under 10% a few years ago). However, all of them have come with a string...if I am late, even once, they will increase my interest rate to 21.9%+
How is this done without notifying me? Well, because those are the terms I agreed to at the outset, rather than an actual change of terms, there is no regulation requiring I be notified. A change of terms that I've never agreed to must be preceded by an official notification, giving me the opportunity to resolve my debt with the lendor prior to the terms changing (which, for most consumers, is of little use ... most of us can't pay off our card balances within a month of notification, and are stuck with the new terms whether we like it or not).
The only advice I can give is stop using the card, pay off the balance as quickly as possible, and go to a different card issuer who might be willing to offer you a sweeter deal on interest.