Last week I opened a Charles Schwab Signature Visa Card (to get 2% back on all purchases). Imagine my surprise when I discovered that Schwab's card servicer - FIA Card Services - which also services my local bank's VISA card, unilaterally reduced my local bank's card credit line by the amount of the Schwab Card.
I called both FIA Card Services and Schwab and raised hell, and I think I've got it straightened back out. It did not help that the idiot credit clerk at FIA didn't have a clue how (their) Equifax Credit Reporting system works. FIA Card Services needs to do a better job of training their credit department, and Schwab needs to do a better job of disclosing this questionable practice. BOTH of them almost lost me as a customer today.
Don't know I can put into words how crooked FIA Card Services practices are. Unfortunately, I have 3 cards that are serviced by this conglomerate. This is truly organized crime. Don't look to the government for help either. These banks do not deserve any bailout money but guess what - they'll keep getting our tax dollars and still have the audacity to unfairly raise our interest rates; no shame. Doesn't matter if it's a Democrat or Republican in the White House either.
By the way, thanks Joe Biden for taking away my opportunity to give these credit card scammers what they deserve by filing for bankruptcy. Not that I condone that practice, however, I believe it was a way of keeping them in check. Now these credit card companies have the green light to do whatever disgusting, unfair tactics to reap huge profits knowing the consumers have no protection or recourse.
I have been a member of the card since 1976 and they thank me for being a "valued customer. I have auto payment to ensure no penalty. Rate goes to 20% plus late payment of 39 for two months and rate goes to 27%. The deduction obviously does not cover the new rate minimum payment they are impossible to deal with and should be called on their abusive charges. It is impossible to find a way to get their attention. A tragedy and I urge us all to do something. I am paying them off and they are losing a credit worthy veteran and senior person.
Last week I received a letter notify me that FIA services was raising my interest rate from 7 to 14 percent. When I called they told me that my credit ratings were reviewed and found lacking. I checked the credit rating of the three scores, the lowest was 725. Since I had the money to pay off a decent size charge, I did pay it off. Upon that occurring FIA Card services slashed my credit limit to $900 dollars.
This seems to be an act of retaliation for my complaints and large pay off. When I called them I found that the operators are ignorant about anything that credit review section does. This isolates the credit review section from being approached via telephone. When I made several calls I found out that some of operators will tell you they do not have information when other operators actually did have the information requested.
None of them could tell me the actual reason behind my supposed drop in my credit score. In addition, I have not had this problem before and have had the card for over eighteen years. The result is that I am paying off the card and will not use it again. If a large number of people would do this then FIA will not receive their life blood which in the interest and not the principal. There are other credit cards that will gladly help you pay off FIA credit card services and they may do it for less interest than you are presently paying.
TUCSON, ARIZONA -- I have been a card member since 1999 with these people. I have never missed a payment. I have only been late on one payment. I just got laid off and asked for my payments to be reduced until I find a job and I got every single reason why it couldn't. These crackheads are getting their money either way. I didn't say I would stop paying my bill. I just didn't want to fall behind. No help. Not for long term, not missed a payment customers!
FIA, you guys are the worst card company I have ever worked with. When I finish paying this card I will close it and never use you guys again. Till this day I will never use this card again and you will know it's me every time you send a statement and see no transactions. Late payment people I know get better service than your loyal customers. You people are horrible and your company is going to fail for not taking care of your good customers. You rejects!!!
NEW JERSEY -- FIA card services just recently raised the interest rates on credit cards by including a note at the bottom of a monthly statement that gave the cardholder an opportunity to opt out of getting the interest rate increased by 14% under the condition that the account will no longer be active. When I called them to address the rise in interest rates they de facto stated that their underwriting guidelines were superseded by a note at the end of a monthly statement.
My question to them was if the basis of credit worthiness is going to change so greatly wouldn't it have been more ethical to inform their customers more than once and possibly send out an additional notice either separate or enclosed in the statement to ensure that they were effectively communicating the change in underwriting policy. They had no answer.
I'm sure that I'm not the only one to whom this has happened. The practice was deceptive and unethical. I consider FIA to be exceedingly unscrupulous. I urge anyone who reads this note to contact their local representative to bring this to their attention. The worst part is that FIA is the arms length servicer for most of the larger banks in the country who just happened to be bailed out by our tax dollars. The collusion is ridiculous. FIA has to be held accountable. If you've seen a drastic increase in your rates call and complain to everyone who will listen.
BELLEVUE, WASHINGTON -- My credit score is over 700. I make card payments online either on or before the due date. However, even at 8AM my payments to FIA aren't 'accepted' until 24 hours later. Something about "not being enough time for them to process the payment"?!?!?! It's not a problem for any other card service. So twice they marked my payments as being late - which they weren't - and then used that as an excuse to raise my interest rate to a usurious one. I have since closed the account and will tell everyone I know NOT to use them.
GREENVILLE, SOUTH CAROLINA -- I've been reading the reviews on FIA Card Services and I have to say that I agree with all. Their service is terrible. They jump to ratchet the prices as quickly as possible and they have little regard for the customer whatsoever. I used the card for travel and general business. They continued to change rates and reduce the grace periods. I canceled and, because the payoff amount given was greater than actually owed, I will have to call in for a refund. It is amazing that on credit balances, they will not provide any interest and yet on debit balances, the rates are as high as 29%.
Also, they will continue to reference their agreements that are sent almost quarterly, it seems. Reading those is impossible and, because the former agreement is probably not available, it is impossible to tell what is being changed anyway. One just knows that it is a change in their favor. With declining markets, one would be wise to be very cautious.
Unbeknownst to me, my bank (SunTrust) sold their credit card services to FIA. Over a year ago, I called FIA and asked them to match an offer from Capital One. The person with whom I spoke was quite rude and informed me that the company was in business to make money. I have had this card since 1997. I transferred my balance to Capital One and paid off FIA. I have not charged anything on the card in over a year. I received a bill from this company in the mail yesterday indicating that I owed them money. I was horrified to realize that they had billed me for an annual fee on a card I had not used, and that the bill was now 60 days in arrears.
I have spent twenty-five years trying to keep my credit perfect. When I called SunTrust to complain about this, the manager of the branch informed me that they had no control over FIA Card Services and were suing FIA to force them to remove the SunTrust logo from the card. She stated that FIA had refused to comply. She advised me to contact FIA and request that they remove the delinquency from my credit report in light of my payment record.
The "account manager" for FIA was typically arrogant and informed me that "that isn't the way credit works." I have paid the balance and closed the account. I would never have any dealings with this company in the future. It is evident that SunTrust has been very dissatisfied with FIA since they have instituted a lawsuit against them.
GRAND RAPIDS, MICHIGAN -- Two years after opening a 9.9% APR credit card through Edward Jones, my husband and I found ourselves in financial difficulty due to severe illness. I thought that canceling most of our credit cards was a prudent thing to do given the circumstances. Immediately after canceling this card the interest rate shot up to over 25%. It was then that I discovered that MBNA was the actual lender and since they had nothing to lose, they upped the rate. I have been paying $150.00 per month on a 6,000 balance for two years now and have not reduced the balance at all.
If anyone has a suggestion on how to get this rate lowered or some institution that can intercede on my behalf, please post it here. There is simply no way to pay this down, given our situation.