Fleet MasterCard Raised my Interest Rate

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 5:34 pm
Post subject: Fleet Raised my Rate!

Kevin
Date: 3/19/2000 0:04 am CDT

I have a Fleet master card that raised my rates from 9% to 16%
because of my
credit rating. I have never had any problems with my credit and
when I asked
to see the credit report that they say caused them to almost
double my
interest rate, they said they couldn't do it. When I asked to
have my credit
card canceled (I was going to pay if off in a couple of months)
they said the
interest rate would jump to 26% if I did that. What are the
laws? This is
worse than being robbed at gun point. I would appreciate your
information and
your help.

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 5:35 pm

Shane Young
Date: 4/23/2000 4:03 am CDT

The same thing happen to me. I have a Fleet Platinum Master Card that was at 7.9% fixed forever with no anual fee as long as I wasn't late on payments. I've been carefull to pay them 1st and at least a week in advance to ensure they received it on time because I transferred $4000 from other credit cards to this one to consolidate.

3 days ago I received notice that the rate is now 24% with a $39 a year fee. I called them to asked them why and they couldn't give me a straight answer so I cancelled the card.

I asked them how legal it was for them to do this and they told me that since a credit card is considered an unsecured loan they can do whatever they want. If this is true why doesn't someone offer 0% on balance tranfers untill the balance is payed and then after you got'em change the rules and bump it to 500% a day.

So now I've been on the internet for the last 3 days trying to research a little into cards before getting my next one which brought me to this site which is the best I've seen so far.

I'll never get another Fleet card again.

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