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© 2006-2008 The Ojai Post
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The views expressed herein are the personal views of each individual author or commenter and are not intended to reflect the views of The Ojai Post or its Authors, Tribal Core or Tyler Suchman as managing editor.

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Nasty Credit Card Tricks

This is my own experience. This is not from a forwarded email.
I got a Change in Terms notice from a credit card company yesterday. I almost didn't read it because my credit account is closed. Fortunately, since I do still have a balance to be paid on that card, someone else's wiser mind prevailed. The notice stated that from this date forward, the APR on purchases would be 32.24% and that this notice could have been sent to me even if my account were closed. It gave me the option to reject the terms.

I called the company and found that, indeed, this change (an increase in APR of approximately 24%) would affect my closed account. The representative offered me the opportunity to reject the terms, which I did. I also got as much identifying information about him and the call as I could and wrote a letter to the company confirming my rejection of paying an additional 24% interest on my remaining balance.

The lesson here: Read the Fine Print!!! No matter how boring, how little you think it might actually affect you. Read it. If you don't understand it, ask someone else to look at it. If I had ignored this, I would have been charged approximately $288 this year for my naivete.

Posted by Heather McKenzie on October 19, 2006 12:05 PM | | | Nasty Credit Card Tricks

Comments (4)

Heather - what credit card company issued you your card?

Meanwhile, I have switched to Working Assets from AT&T for my long distance phone needs. We as consumers have the ability to vote with our pocketbooks - we probably have more ability to effect positive change in doing that than we do voting in a national election.

Comment #1 Posted by: Tyler | October 19, 2006 12:26 PM

I completely agree with you, Tyler. Can we get green power through Edison?

The credit is held by Chase. I suspect many cards are doing this kind of thing - it is the best way for them to make money. If you don't read, they just increase the rates.

Comment #2 Posted by: Heather | October 20, 2006 09:09 AM

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Comment #3 Posted by: cards credit best cash | March 19, 2007 02:18 PM

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Comment #4 Posted by: cards credit best cash | March 19, 2007 02:18 PM

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