FIA Card Services Complaint - Deceptive Practices
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When I called them to address the rise in interest rates they de facto stated that their underwriting guidelines were superseded by a note at the end of a monthly statement.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 worse 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.