Well, that's good timing

[solarbird]

The day after I posted a warning that banks are jacking around credit-card customers in advance of legislation preventing them from arbitrarily changing contract terms and other such jackassery, an immediate friend¹ got a notice from his credit-card lender informing him that they were 1. raising his credit card interest rate, 2. changing it from fixed-rate to adjustable, and doing so in 3. such a way that the rate can only go up.

Awesome. (For the record, his credit is perfect.)

If you're eligible to join a credit union and get a card through them, I suggest doing so. Regardless, be on the alert for such machinations. They're happening right now.

---

¹: name withheld because he's nervous about such things

Comments

[interactiveleaf.livejournal.com]

They informed him of this? Since when do they do that? I thought they just raised your rates and let you figure it out on your own.

[solarbird]

Even under old law they're required to notify you of contract changes.

[firni.livejournal.com]

I guess I should start reading the crap they include with the bill. Of course, I'm one of the "deadbeats" who pays off the balance 99% of the time, so they'll probably start charging me an annual fee instead.

[solarbird]

Same for the unnamed person, and yet.

[firni.livejournal.com]

Oh, I'm sure they've jacked my interest rates and I just didn't notice. Hell, when the Fed dropped prime to practically nothing, Chase wouldn't budge past 10.5%, no matter WHO I talked to.

[epawtows.livejournal.com]

I know the other popular thing is raising the minimum payments from 2% to 5%. Now, if they'd done that fiveish years ago, it might have been useful. Now it's piling insult on top of injury.

[mikec1157.livejournal.com]

meanwhile, whereas I think the min should be 2%, many banks it's 1%, which is too small if want to pay off the CC.

[mikec1157.livejournal.com]

Aren't all of us in Washington state able to join BECU now a days. I don't understand how, but I think we can.

[solarbird]

Yep! Hells, you can open an account online!