Re: anyone have shady dealings with AAC and First USA Bank/Bank One

Posted by karen (68.22.180.102) on August 27, 2003 at 14:58:05:

In Reply to: anyone have shady dealings with AAC and First USA Bank/Bank One posted by Watch your back! on June 16, 2003 at 15:52:00:

YES!

I have been a First USA Platinum Visa card carrier for 5 years. I have had a 13.9% fixed APR for this entire time. I carry a rather large balance that I am trying to pay off. Recently, before making an online purchase, I called to find out what my APR was (I was at work and did not have my statement with me). I was told 13.9%. Since this was lower than my other card, I used the First USA card to make my purchase. Today I just received the bill with this purchase on it, and my APR has suddenly jumped to 24.9%!! I have never made a late payment or missed a payment with them in 5 years. I called to find out what had happened, and was told that they pulled my credit report and decided I didn't have a long enough credit history to qualify for the 13.9% rate. Wait a minute... Five years ago, I had enough credit history, but now, with five additional years of good credit with First USA and others (including a car loan paid in full), I don't? That doesn't make any sense. I was told that they could have changed their standards in the last 5 years. I don't understand why they would take a 5-year customer and pull their credit report in the first place. I pay my bills on time, there's just no need to go snooping unless they are looking for an excuse to charge me a higher interest rate on a large balance. Which is exactly what I think this boils down to - I am their favorite kind of customer. That is, I carry a large balance so they get interest off of me, but I also pay every month, so they don't have to worry about me being delinquent on the account. They just decided to get greedy, that 13.9% interest on a very large balance wasn't enough - they needed to go for 24.9%. I am taking out a loan from a family member and cancelling the card immediately.

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