Arbitrary Interest Rate
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!