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.

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

Comments

[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.