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Can we sue them?
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Bank One lived down to their expectations. After having a Citibank credit card for years, Bank One bought the rights to the Sony card, and cardholders could NOT back out to stay with Citibank. Is this legal? We were forced to switch to Bank One, which sent me a notice that they were going to double my interest rate, almost, from 11.5% to 19.99!!! Fortunately, I caught the disclosure and wrote to them that I reject the terms, so I can pay off and close my account.
How is what they are doing legal!?!? I did a search for class action lawsuits, and came up blank. Anyone have any ideas?
     
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raising interest from 5.99 to 15.99
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DELAWARE -- I made a loan a couple of months ago on my credit card for 20,000 at 5.99 percent for the life of the loan.
I had credit at first USA for 8.99 percent max. but I got my loan paid off 3 years ago. I needed 20,000 dollars to purchase a mobile home for my son. I got an offer from Bank One at 5.99 percent for the life of the loan so I took it.
In the mean time I was 3 days late on my 3rd payment and the interest jumped to 15.99 percent.
I never signed any agrement for 15.99 percent because I had 8.99 percent at First USA.
Bank one ripped me for at least 300 dollars before I could pay them off.
Burn me once shame on you.
Gabe
     
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Anonymous on 2004-07-17:
It's common knowledge by now that if you are late, your rate changes. Most likely it's in the fine print of the terms for this APR special. With credit cards you can never be late, unless there are special circumstances, but it's still tough luck.
PeskyKittyButt on 2004-07-19:
Sounds like you're mad because you feel surprised by the new rate. However, the bank HAD to disclose this information to you in the literature provided w/ the card. You admitted you were late on a payment, that's the way it goes.
chrissic21 on 2004-07-19:
Sorry, you get a no go from me. On every credit contract or application that I have seen, it clearly states that if you are late, your interest rate can change.
StankyFeetz on 2004-08-05:
nthebiz - don't buy "anything" on credit? I guess I have to save up $300k + for a house. That's a lot of saving. I sure hope real property prices don't appreciate, otherwise I'll be in this crappy apt for many many years.

Dude, there are somethings you'll have to buy on credit. A house is one em (or any real proprty for that matter). However, I would not buy a car, or any consumable item on credit. Especially revolving credit. Make that distinction next time.
mad consumer on 2004-09-21:
Hi, I have had a similar experience with Bank One and also originally was a First USA customer. They raised my interest rate recently from 12.99 to 20.4%. I was given some weird response about all the reasons why they could raise it. None of it makes sense. I cannot wait to drop them. I have to figure out who to change to but it doesn't look too promising for any Credit card.. I am glad I found this website as its going to influence whatever I figure out I can do.
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Arbitrary Interest Rate
Posted by on
NORTH CAROLINA -- After 8 years as a Bank One Platnum Visa customer, the company decided one day to increase my interest rate from 12.99% to 19.99%. The reason given was that I had "too much outstanding unsecured debt". Most of my outstand unsecured debt was, in fact, with Bank One. My spouse became ill shortly after beginning a new job and was not able to work for several months. Because she was in a new job, her health care insurance and disability benefits were not yet in effect. We were FORCED to use the $18,000 credit limit Bank One "generously" extended to our Visa to buy groceries, pay utility bills, make house payments, etc. This explanation had no baring on Bank One's decision to rip us off through an interest rate uncrease. My advice to you, if you do business with Bank One - BE CAREFUL!
     
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LegalCollector on 2004-06-17:
"Forced" Good one.
warren on 2004-06-24:
Don't be surprised when Bank One starts reallocating your monthly payments in a way that will start compounding interest in your cash category. The say they have the right to allocate payments any way they want.
StankyFeetz on 2004-08-05:
Yeah tht's right, LegalCollector.. "FORCED" some people under these circumstances may not have the means to borrow from family member,s especially if they're broke themselves, or deceased! And not everyone has 6 months of cash saved up, or gov't savings bonds, mutual funds, etc. MOSt PEOPLE ARE HALF A CHECK A WAY FROM HOMELESSNESS! (Not even 2 checks anymore -- thanks Bush). So cut this crap out. The guy had $18,000 on his credit card, he used it to get by until another income source presented itself. Would YOu have loaned him the money due to his circumstances? I don't think so. So CAN it!
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Interest Rates Doubled++
Posted by on
I had two Bank One Accounts, a Southwest Airlines Visa and a Holiday Inn Priority Club Visa. Credit limits of $14,000 and $10,000 respectively.

I have kept both these accounts paid on time, paid more than the required minimum for the entire 3+ years I have had the accounts.

So imagine my surprise when a month ago I received my bill for the Holiday Inn card and they had more than doubled the interest rate from 13% to 29.9%!!! Their explanation was that my credit score was the reason. And they claim to have sent an advance notice which I never saw.

Fast forward 30 days and guess what? They wanted to pull the same number on the Southwest card.

Slight miscalculation, the fact that I have extensive assets in the stock market. Liquidated an insignificant percentage and paid the fools off.

So beware of the promotional sales pitches.

Their scheme is to suck you in deep to a point they think you will be unable to resist and then stab the interest rate knife in your back and twist it.

BEWARE!

Not everyone will be as fortunate as I to have the resources to pay them off.

Don't be a sucker....

They are financial terrorists.....
     
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afrpennycentury on 2004-05-21:
Please do a little research on the definition of "terrorism." Once you figure it out, hopefully you'll be ashamed of yourself.
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Rate Increase
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NEW JERSEY -- This credit card company unfairly increased my interest rate from 11.99% to 24.99% with the only explanation being I have TOO much credit. When trying to discuss this with "customer service" I was basically told "I should have done something sooner when my interest rate was still good" - WHAT? The rep was no help -and- quite rude. I'm done with them.
     
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fupresti on 2004-05-11:
Good luck. If they raised your interets rate because of a high debt to income no one else is going to approve you for a better deal
LegalCollector on 2004-05-11:
Something was likely left out of this story.
Slimjim on 2004-05-12:
I have many open credit lines and have only seen decreases. I think you are leaving the part about about paying late. Nothing will jump your interest rate faster than missing a payment.
Slimjim on 2004-05-12:
Actually I take that back, a high debt to income ratio would also cause an increase without being late. More like too much debt than credit, but if having too much AVAILABLE credit is their problem, just cancel the card. Your other credit lines that seem to be their problem should be sufficient.
jodieu on 2004-05-12:
All you do is complain, either about losing a job or something stupid like this...get a life!
BankOneLies on 2004-05-14:
Bank One is the WORST. They also raised my rate to 24.99% with the explanation that my promotional rate had ended. A loan shark would be ashamed of this rate. SHAME ON YOU BANK ONE, BUYER BEWARE!
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