Providian Financial Bank jacked up interest rates to 30% without my knowledge, even though I pay bills on time Nationwide
I have been with these guys for years and pay my bills on time. However they decided to raise my rates without notifying me or giving me a reason why. They raised my rates to a whopping 30% default rate which knocked me over my credit limit and so I then got an over the limit charge. These guys are part of Washington Mutual and control/own a lot of these other credit card companies.
I found out that the credit card loan sharks can do this now even if you pay your bills on time, thanks to some really bonehead legislation passed by congress a few years ago. They obviously got together lobbied and bought this law, even though we have a Democatic controlled House and Senate. I havge been emailing my representatives to get something done.
And yes other credit card companies are doing the exact same thing. THey can just base it on a credit score which can be bad even though you pay all of your bills on time. THis really really sucks and if any lawyers read this and want to sue, count me in
Dhand
Nashville, Tennessee
U.S.A.
1 Updates & Rebuttals
Faron
Houston,Texas,
U.S.A.
There may still be a chance to go back to the old interest rate
#2Consumer Comment
Mon, February 25, 2008
You are right, this crap is happening on a daily basis, however, the credit card probably sent you notice in your bill, but you may not have noticed it. One thing about these jacked up rates is there is a window of opportunity to revert back to the old rate. Call them up and find out when the opt-out clause expires on this rate hike. The only catch is by opting out, you are closing the account and cannot not charge anythng else to this card.