Low Introductory Rate Credit Card Tips
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Posted: Tue Oct 05, 2004 2:04 pm
Post subject: Low Introductory Rate Credit Card Tips
Ken Miller
Date: 1/28/2001 3:54 pm CDT
A couple of years ago I transferred a balance from my Discover Card to First USA VISA. First USA offered an introductory rate of 2.9% with a subsequent standard rate of 9.9%. Their brochure stated that the 9.9% rate would be the fixed rate. This did not turn out to be the case. They honored the 2.9% rate for six months as they promised, but the 9.9% rate lasted for only about two months then they increased the rate to 24.49%. Their explanation was that they could not afford the 9.9% rate and the small print allowed them increase the rate over 9.9%.
I am in the process of getting this balance transfered to another card with a rate that I can live with.
This is why I am writing to you:
I received a notification in the mail about six months ago that a class action type of lawsuit has been filed against First USA for their practices as described above. I am seriously considering participating in this legal action. Do you know how I can contact the litigant?
Any advice that you can provide will be greatly appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Tue Oct 05, 2004 2:05 pm
Post subject: Low Introductory Rate Credit Card Tips
Linda in VA
Date: 1/28/2001 5:46 pm CDT
Hi Ken,
According to this article on a financial services website, you are automatically included in the class action suit, and will be notified. To see the article click here (look about halfway down the page):
http://www.briggsandbaker.com/lawsuit.htm
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Posted: Tue Oct 05, 2004 2:05 pm
Post subject: Low Introductory Rate Credit Card Tips
cisco
Date: 1/29/2001 2:12 pm CDT
Ken,
The same thing happened to me. I was luckier my interest rate went up to 16.9%. I wrote to FIRST USA Bank objecting of the way they handled the increase. My understanding on this matter is that they supposed to notify you two weeks in advence and give you the chance if you do not wantt to accept the increaseto close your account and pay the balance off with the 9.9%. They reply was that they have to investigate what my card agreement was. They missed the point. They did not follow the law. They did not give prior notification and a choice to close the account.
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Posted: Tue Oct 05, 2004 2:06 pm
Post subject: Low Introductory Rate Credit Card Tips
Heidi
Date: 1/30/2001 11:17 pm CDT
Ken, I have never dealt with 1st USA, but have had similar experiences with two other companies. I'm not sure how to access a certain web site I visited several weeks ago--but someone like you was so teed off with 1st USA that they created a special web site, where members/former members could tell their experiences with them--I counted at least 70 stories where people had written in. You might want to look up this web site--at least, you'd be in good company. Happy reading!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Oct 05, 2004 2:04 pm
Post subject: Low Introductory Rate Credit Card Tips
Ken Miller
Date: 1/28/2001 3:54 pm CDT
A couple of years ago I transferred a balance from my Discover Card to First USA VISA. First USA offered an introductory rate of 2.9% with a subsequent standard rate of 9.9%. Their brochure stated that the 9.9% rate would be the fixed rate. This did not turn out to be the case. They honored the 2.9% rate for six months as they promised, but the 9.9% rate lasted for only about two months then they increased the rate to 24.49%. Their explanation was that they could not afford the 9.9% rate and the small print allowed them increase the rate over 9.9%.
I am in the process of getting this balance transfered to another card with a rate that I can live with.
This is why I am writing to you:
I received a notification in the mail about six months ago that a class action type of lawsuit has been filed against First USA for their practices as described above. I am seriously considering participating in this legal action. Do you know how I can contact the litigant?
Any advice that you can provide will be greatly appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Oct 05, 2004 2:05 pm
Post subject: Low Introductory Rate Credit Card Tips
Linda in VA
Date: 1/28/2001 5:46 pm CDT
Hi Ken,
According to this article on a financial services website, you are automatically included in the class action suit, and will be notified. To see the article click here (look about halfway down the page):
http://www.briggsandbaker.com/lawsuit.htm
archive
Posted: Tue Oct 05, 2004 2:05 pm
Post subject: Low Introductory Rate Credit Card Tips
cisco
Date: 1/29/2001 2:12 pm CDT
Ken,
The same thing happened to me. I was luckier my interest rate went up to 16.9%. I wrote to FIRST USA Bank objecting of the way they handled the increase. My understanding on this matter is that they supposed to notify you two weeks in advence and give you the chance if you do not wantt to accept the increaseto close your account and pay the balance off with the 9.9%. They reply was that they have to investigate what my card agreement was. They missed the point. They did not follow the law. They did not give prior notification and a choice to close the account.
archive
Posted: Tue Oct 05, 2004 2:06 pm
Post subject: Low Introductory Rate Credit Card Tips
Heidi
Date: 1/30/2001 11:17 pm CDT
Ken, I have never dealt with 1st USA, but have had similar experiences with two other companies. I'm not sure how to access a certain web site I visited several weeks ago--but someone like you was so teed off with 1st USA that they created a special web site, where members/former members could tell their experiences with them--I counted at least 70 stories where people had written in. You might want to look up this web site--at least, you'd be in good company. Happy reading!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:57 PM
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