Need help with cc changing interest rates
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Posted by Marcy (68.102.106.242) on November 29, 2002 at 18:47:06:
I had a credit card with providian. When the introductory period of 0 percent finance charge was up, i had canceled my account because they wanted to charge 29.99 percent interest. So, since I canceled before this change took affect, it was set up that I did not pay any interest while paying it off. I have reduced the balance from 500 to 300 over the past year, but now all of a sudden I get a letter that my account will now be serviced by this place called Card Service Center...nothing else was sent but this notice. But, on my first billing, they charge me 29.99 percent interest. So I call them and they say that is just the way it is. I asked what I could do to dispute this they said write a letter. I think what happened was Providian was tired of me not paying interest and not getting any fees out of me because I always paid on time, that they transferred the servicing of this card so they can now make money off of me for this exhorbant amount of interest. Is this legal? CC Services informed me that Providian still owns and issues the card, they just service it. They did not notify me that any change would occur. What can I do and is this all legal for them to do? I can not afford to pay the 300 dollars to pay it off. Please help...Thanks in advance.
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