Washington Mutual Complaint - Random Interest Rate Hikes & Change Of Terms
I became a Providian Platinum Visa cardholder in 2004 and in mid-2007, I believe, WAMU purchased Providian. In January of 2008 I received an interest rate hike from about 15% to about 28% as part of a change in terms of service. I've requested a copy of those terms and will follow-up if there is an opt-out that provides interest rate relief for me. But I've been otherwise fighting with them for about a month for a detailed explanation for a hike and reduction to a reasonable rate to no avail. Apparently I went over limit (by less than $100) in January, but I've always paid much more than the minimum and otherwise have good account performance. WaMu is not open to negotiation to retain a cardholder. They're clearly trying to thin their consumer credit card portfolio and rake us through the coals in the process.
If you're considering a credit card with them, DON'T. If you have one already, pay-it-off and close-it as soon as possible. They are not the same bank...not the same lending partner we chose back in 2004. They're just stock-price driven thieves now...cogs in a growing WaMu machine. My problem is similar to a problem arising with Bank of America Credit Card customers.
Check-out this news post at Yahoo: http://news.yahoo.com/s/bw/20080207/bs_bw/feb2008db2008026105146