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Credit card rate increase
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Posted by Emerald
(24.162.212.117) on November 10, 2002 at 23:43:11:
I've had a Providian Visa credit card for almost two years. It was at a high interst rate to begin with (21%)and recently I became aware that they raised it to 29%. I have never defaulted on this account. When I called them they informed me that they sent me a letter last December informing me of this raise and if I did not respond to this letter and was not in agreement to the raise I could have closed my account and they would have kept me at 21%. I never recieved this letter or else I would have closed the account. So, now they tell me that I'm stuck with this rate even if I close the account now. They claim that it was a business decision that affected several customer's accounts. Is there anything I can do?
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